Markets

Here's what happened to the stock market on Wednesday

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CNBC Markets Now: July 29, 2020

Dow Jones Industrial Average rises 160 points

The Dow jumped 160.29 points, or 0.69%, to close at 26,539.57. The S&P 500 gained 1.24% to 3,258.44. The Nasdaq Composite climbed 1.35% to 10,542.94. Stocks rose as major tech shares advanced broadly and after the Federal Reserve kept interest rates unchanged

Fed to keep rates low for the long haul

In a statement, the Fed's policymaking committee said U.S. economic activity and employment "have picked up somewhat in recent months but remain well below their levels at the beginning of the year." Fed Chairman Jerome Powell told reporters the Fed will maintain its historic stimulus measures until they are confident the economy has "weathered" the crisis. 

Tech shares rise as CEOs testify

Facebook closed 1.38% higher. Amazon ended the session up 1.11% and Alphabet rose 1.32%. Apple advanced 1.92%. These companies posted solid gains even as their CEOs testified in front of Congress over antitrust concerns.

What happens next?

Weekly jobless claims and quarterly gross domestic product data are set for release Thursday. It will also be the busiest day of the earnings season, with Eli Lilly, Alphabet, Amazon, Facebook and Gilead set to report. 

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