S&P 500 ends the day flat | Fed holds interest rates near zero

S&P 500 ends the day flat | Fed holds interest rates near zero | Facebook earnings beat

WED, JUL 28, 2021

EVENING BRIEF

AS OF WED, JUL 28, 2021 • 05:12 ET

DJIA		34930.93
		-0.36%	-127.59

S&P 500		4400.64
		-0.02%	-0.82

NASDAQ		14762.58
		+0.70%	+102.01

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DOW
NAME	LAST	CHG	%CHG
AAPL	144.98	-1.79	-1.22%
MSFT	286.22	-0.32	-0.11%
INTC	53.07	-0.11	-0.21%

S&P 500
NAME	LAST	CHG	%CHG
AMD	97.93	+6.90	+7.58%
AAPL	144.98	-1.79	-1.22%
GE	13.13	+0.05	+0.38%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	97.93	+6.90	+7.58%
AAPL	144.98	-1.79	-1.22%
SIRI	6.48	-0.23	-3.43%

EDITOR'S NOTE

Federal Reserve Chairman Jerome Powell's delicate dance seemed to appease investors on Wednesday.

The Fed chief said despite the economy's progress, we still have some ground to cover before the central bank can start dialing back its aggressive support.

"I think we're some way away from having had substantial further progress toward the maximum employment goal. I would want to see some strong job numbers," Powell said in a press conference.

The S&P 500 turned higher following his comments, but eventually ended the session little changed at 4,400.64. The tech-heavy Nasdaq Composite climbed 0.7% to 14,762.58. The Dow Jones Industrial Average dipped 127.59 points, or nearly 0.4%, to 34,930.93.

The central bank started purchasing at least $120 billion a month in bonds and other securities in December until "substantial further progress" had been made on employment and inflation.

"Fed's continued patience is being cheered by the markets," said Anu Gaggar, global investment strategist at Commonwealth Financial Network. "There was acknowledgement of continued progress towards the Fed's goals, but there is ways to go before the Fed can be nudged to act."

Also supporting the market on Wednesday was a jump in Alphabet and Boeing shares.

Google-parent Alphabet popped 3.1% after the tech giant posted quarterly results, registering a 69% jump in advertising revenue. Boeing shares climbed nearly 4.2% after the manufacturer posted its first profit since the third quarter of 2019, thanks to a rebound in aircraft deliveries.