Stocks Pare Losses After Fed Meeting Concludes, GDP Weakness Called 'transitory'

By Wallace Witkowski Markets MarketWatch Pulse

U.S. stocks pared losses Wednesday and the Dow industrials ventured into positive territory after the Federal Reserve concluded its May policy meeting without an interest rate hike as expected and called first-quarter GDP weakness "transitory." The Dow Jones Industrial Average swung to a 1 point gain at 20,951. The S&P 500 index was down 4 points, or 0.2%, to 2,388, with materials and telecom stocks the largest decliners. The Nasdaq Composite Index declined 24 points, or 0.4%, to 6,072.

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