Markets

Here's what happened to the stock market on Wednesday

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Fed leaves rates unchanged in its last meeting before the 2020 presidential election

Dow Jones Industrial Average rises 36 points

The Dow rose 36.78 points, or 0.1%, to 28,032.38. The S&P 500 slid 0.5% to 3,385.49. The Nasdaq Composite dropped 1.25% to 11,050.47. The S&P 500 and Nasdaq pulled back as shares of major tech companies declined. Traders also digested the latest monetary policy decision from the Federal Reserve. 

Fed to keep rates low for years

The U.S. central bank kept interest rates near zero. Members of the Fed's policymaking committee also indicated the overnight rate could stay near zero through 2023. "With inflation running persistently below this longer run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2% over time," the Federal Open Market Committee said in a statement. Fed Chairman Jerome Powell reiterated the central bank's approach, telling reporters in a news conference: "We expect to maintain an accommodative stance of monetary policy until these outcomes, including maximum employment, are achieved."

Tech spoils potential rally

Shares of Apple dropped 2.9% and Microsoft slid 1.8%, capping the gains for the 30-stock Dow. Facebook dipped 3.3% and Amazon closed 2.5% lower. Netflix and Alphabet declined by 2.5% and 1.5%, respectively. 

What happens next?

The latest data on weekly jobless claims is set for release Thursday. Housing starts numbers are also on the agenda.

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