US stocks end mixed after Fed statement

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New York, July 28 (IANS) US stocks closed mixed as Wall Street digested the US Federal Reserve’s statement released on Wednesday.

The Dow edged down 0.01 per cent, and the S&P 500 fell 0.12 percent, while the Nasdaq rose 0.58 per cent on Wednesday, Xinhua news agency reported.

US Federal Reserve on Wednesday kept federal funds rate unchanged, reiterating that it continues to closely monitor inflation indicators and global economic and financial developments.

“Near-term risks to the economic outlook have diminished,” said the Fed in a statement after concluding two-day monetary policy meeting.

This new expression might indicate that conditions are getting more favorable for further interest rate hikes in the future.

Fed officials gave more upbeat description of the economy. There was some increase in labor utilisation in recent months, pointing to a healthy labor market despite the slowdown in April and May. Household spending have grown “strongly.”

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