NEW YORK (AP) - The latest on developments in financial markets (all times local):
4 p.m.
Stocks got a brief bump from news that the Federal Reserve doesn’t plan to raise rates this year, but still ended mostly lower after those gains faded.
Bond prices rose sharply Wednesday after the Fed forecast slower economic growth. That sent bond yields down to the lowest they’ve been in more than a year.
The Fed said it will stop shrinking its bond portfolio in September, which will help hold down long-term interest rates.
Banks fell as the outlook for higher rates dimmed.
The S&P 500 fell 8 points, or 0.3 percent, to 2,824.
The Dow Jones Industrial Average lost 141 points, or 0.5 percent, to 25,745. The Nasdaq edged up 5 points, or 0.1 percent, to 7,728.
The yield on the 10-year Treasury note dropped to 2.53 percent.
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2:10 p.m.
Stocks erased an early loss and turned slightly higher after the Federal Reserve forecast no rate increases at all this year, a big change from its forecast just three months ago when it expected two hikes.
Major U.S. indexes snapped higher across the board shortly after the Fed released its latest policy announcement at 2 p.m. Eastern time.
The benchmark S&P 500, which was down 0.4 percent shortly before the announcement, was up 0.1 percent.
The Dow Jones Industrial Average narrowed its loss from about 215 points to 33 points.
Bond yields moved lower in response to the Fed’s announcement.
The yield on the 10-year Treasury note, which is used to set rates on mortgages and many other kinds of loans, immediately fell to 2.55 percent from 2.59 percent.
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11:45 a.m.
Stocks are moving broadly lower on Wall Street, dragged down by losses in health care and industrial companies.
FedEx slumped 5 percent in midday trading Wednesday after reporting a weak quarter, and Johnson & Johnson fell 1 percent.
Traders are looking ahead to the latest interest rate policy decision Wednesday from the Federal Reserve.
Several media companies also fell. Viacom lost 4.7 percent and Discovery gave up 3.2 percent.
General Mills turned in a good quarter and was up 4 percent.
The S&P 500 index fell 9 points, or 0.3 percent, to 2,822.
The Dow Jones Industrial Average lost 98 points, or 0.4 percent, to 25,786. The Nasdaq slipped 18 points, or 0.2 percent, to 7,705.
Bond prices rose. The yield on the 10-year Treasury fell to 2.59 percent.
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9:35 a.m.
Stocks are opening broadly lower on Wall Street, dragged down by losses in health care and industrial companies.
FedEx slumped 6.3 percent in early trading Wednesday after reporting a weak quarter, and Johnson & Johnson fell 1.2 percent.
Several big media companies were also lower. Viacom lost 3.5 percent and Discovery gave up 2.7 percent.
Cereal maker General Mills turned in a good quarter and was up 3.8 percent.
The S&P 500 index fell 5 points, or 0.2 percent, to 2,826.
The Dow Jones Industrial Average lost 81 points, or 0.3 percent, to 25,806. The Nasdaq slipped 6 points, or 0.1 percent, to 7,715.
Bond prices rose. The yield on the 10-year Treasury fell to 2.59 percent.
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