Following the latest policy pronouncement from the Federal Reserve and statistics on May inflation that suggested pricing pressures were loosening, the S&P 500 surged to a record high on Wednesday.
The Nasdaq Composite increased 1.5%, and the overall market index rose by 0.8%. Wednesday saw all-time highs for the S&P 500 and Nasdaq, which had set closing records the day before. The Industrial Average Dow Jones fell by 0.2%.
Interest rates remained steady, as was generally anticipated from the Fed. The central bank stated:
“In recent months, there has been modest further progress towards the Committee’s 2 percent inflation objective.” This indicates that efforts to control inflation have been made.
Source (CNBC)
