S&P 500 flat as Fed keeps interest rates steady

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S&P 500 flat as Fed keeps interest rates steady

On April 26, 2021, a man walks by the Federal Reserve Bank of New York City branch of New York City.Re-readers Shannon Stapleton was said to be in a bad mood, but you know she's in general good.

The S&P 500 was flat on Wednesday after the United States Federal Reserve kept interest rates and its monthly bond buying program steady and provided no sign it was ready to increase its support for the recovery.

Despite the improved economy, the Fed has repeated the guidance it has used since December, saying it must see sustained progress towards its inflation and employment goals before stepping down from its monthly bond purchases.Alphabet, parent of Google, went up to 4% after reporting a second consecutive profit for the second quarter and a $50 billion share buyback.Both Alphabet and the S&P 500 communication services sector, which houses the company, set record highs also.

Investors now await quarterly reports from Facebook Inc and Apple Inc for investors after the market closes.

The Dow Jones Industrial Average was down at 33,840. 44 points, while the S&P 500 was flat at 4,186. 65.

Microsoft Corporation met profit expectations on Tuesday, but its shares soon fell to 3% and pressured the Nasdaq due to skepticism about one-off benefits included in the results and high hopes after a year-long rally.The decline of Biotech Amgen Inc. weighed on the Dow after it said its first-quarter sales and profits fell due to a drop in net drug prices and a hit from the COVID 19 pandemic.

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