Live Markets: US stocks edge up, yield curve steepens as Fed stands pat

Microsoft

Wed 20:09

Main US indexes end slightly higher
Tech leads S&P 500 sector gainers; utilities is the weakest group
Dollar falls; gold gains; bitcoin up ~1%; US crude up >1.5%
US 10-year Treasury yield rises to ~5.03%
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US STOCKS EDGE UP, YIELD CURVE STEEPENS AS FED STANDS PAT
The main US indexes ended slightly positive, while the Treasury yield curve steepened on Wednesday after the Federal Reserve left interest rates unchanged, as was widely expected. 
The Fed reaffirmed its commitment to price stability and to returning inflation to its 2% target. It also upgraded its assessment of the economy to "strong" expansion from "solid" at its September meeting. 
Fed Chairman Kevin Warsh also said one of the central bank's eight annual meetings next year will be devoted to strategy and will not include a policy decision. That will rise to two of the eight meetings in 2028.
Wednesday's decision puts the onus on incoming data to determine whether another hike is warranted before year-end. Fed funds futures traders are pricing in 82% odds of a rate increase in December.
The S&P 500 .SPX ended up 0.28% while the Nasdaq Composite .IXIC gained 0.27% and the Dow Jones Industrial Average .DJI rose 0.19%. 
     Tech .SPLRCT was the strongest S&P 500 .SPX sector, while utilities .SPLRCU was the weakest. Sector moves were relatively muted overall.
Here is Wednesday’s closing market snapshot:
(Karen Brettell)
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EARLIER ON LIVE MARKETS:
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FED'S INFORMAL GUIDANCE MAY BE LIMITING ITS FLEXIBILITY CLICK HERE
$200 BILLION LUXURY HOTEL MARKET LEAVES LUXURY GOODS BEHIND - MORGAN STANLEY CLICK HERE  
FED DAY DATA: INTEREST RATES AND DEMAND CLICK HERE
MEMORY CHIPS RALLY AS FED DECISION LOOMS CLICK HERE
MOMENTUM HOLDS THE LEAD DESPITE OCTOBER ROTATION CLICK HERE
RBNZ SURPRISES, COULD FED OR BOC BE NEXT? CLICK HERE
EUROPEAN STOCKS HAVE ROTATED, WILL THEY DO SO AGAIN? CLICK HERE
SHOULD FRENCH SPREADS BE COMPARED TO ITALY 2011? CLICK HERE
RISING FX VOLATILITY SPELLS TROUBLE FOR CARRY TRADES CLICK HERE
A MORNING FOR STOCKPICKERS CLICK HERE
BEFORE THE BELL: EUROPEAN BANKS BRIEFLY IN SPOTLIGHT CLICK HERE
MORNING BID: RBNZ THROWS MARKETS A CURVEBALL CLICK HERE

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