Stocks End Day Little Changed

After Fed leaves interest rates unchanged
By Newser Editors and Wire Services
Posted Feb 1, 2017 3:11 PM CST

(Newser) – Investors didn't react much to a strong hiring survey or the Federal Reserve's decision to leave interest rates unchanged Wednesday, and US stocks finished little changed Wednesday, the AP reports. Apple soared after it said iPhone sales improved in its latest quarter. Stocks jumped in morning trading after payroll provider ADP said hiring by private employers grew stronger in January. Bond prices climbed. But the market's gains thinned, partly because investors sold shares of companies that pay big dividends as bond yields rose. Stocks briefly turned higher after the Fed's announcement, but that also faded. The only constant was the big gain for Apple, which pushed technology companies higher.

The Federal Reserve left its key interest rate unchanged, just as investors expected. The central bank noted that the job market is getting stronger and inflation is gradually rising, but said it wants more time to monitor the economy. The Dow Jones industrial average rose 26.85 points, or 0.1%, to 19,890.94. The Standard & Poor's 500 inched up 0.68 points to 2,279.55. The Nasdaq composite, which has a high concentration of technology companies, gained 27.86 points, or 0.5%, to 5,642.65. The Russell 2000 index of smaller company stocks dipped 0.60 points to 1,361.23. Most stocks listed on the New York Stock Exchange fell. (Read more stock market stories.)

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