NEW YORK (AP) - The latest on developments in financial markets (all times local):
4 p.m.
Stocks rose modestly on Wall Street after the Federal Reserve reaffirmed that it is prepared to cut interest rates if needed to shore up the economy.
The bond market had a more pronounced reaction to the Fed’s announcement Wednesday.
The yield on the 10-year Treasury note fell to 2.03%, its lowest level since November 2016.
Investors now see an increased likelihood of at least one interest rate cut this year, possibly as early as July.
Health care stocks led the gains. UnitedHealth Group rose 1.8%
The S&P 500 index rose 8 points, or 0.3%, to 2,926.
The Dow Jones Industrial Average added 38 points, or 0.1%, to 26,504. The Nasdaq rose 33 points, or 0.4%, to 7,987.
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11:45 a.m.
Stocks are mixed in midday trading on Wall Street ahead of a highly anticipated Federal Reserve statement on interest rates.
Expectations that the Fed will have to cut rates at some point have pushed stocks higher in June.
The S&P 500 is up 6% for the month and just 1% off its all-time high. The Fed issues its decision at 2:00 p.m.
Bank stocks led the gainers Wednesday. Bank of America rose 1%.
The S&P 500 index was unchanged at 2,917.
The Dow Jones Industrial Average added 22 points, or 0.1%, to 26,489. The Nasdaq was little changed at 7,952.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.09%.
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9:35 a.m.
Investors are in wait-and-see mode hours ahead of a widely anticipated Federal Reserve decision on interest rates.
Stocks are opening mixed Wednesday with the S&P 500 barely changed and the Nasdaq showing a slight decline.
Expectations that the Fed will have to cut rates at some point have pushed stocks higher in June. The S&P 500 is up 6% for the month and just 1% off its all-time high. The Fed issues its decision at 2:00 p.m.
Bank stocks led the gainers early Wednesday. Wells Fargo rose 1.2%.
The S&P 500 index was unchanged at 2,917.
The Dow Jones Industrial Average added 68 points, or 0.3%, to 26,532. The Nasdaq fell 12 points, or 0.2%, to 7,941.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.09%.
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