Stocks rise, oil volatile, Fed hikes rates: LIVE UPDATES
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U.S. stocks added onto gains late in the session after the Federal Reserve raised interest rates for the first time since 2018 as Chairman Jerome Powell signaled the need to bring down inflation.
Federal Reserve Chairman Jerome Powell says the central bank is "fully committed to bringing inflation back down."
The Federal Reserve raised the overnight bank lending rate one-quarter point, as expected.
Bitcoin is leading a broad rally in cryptocurrencies
U.S. equity futures traded higher Wednesday ahead of the U.S. Federal Reserve's decision on interest rate policy.
Also, a series of economic reports are due Wednesday morning.
The Commerce Department reports retail sales for February. Economists anticipate consumer spending to jump 0.4% month over month, after a larger-than-expected gain of 3.8% in January. Excluding the automotive component, spending is seen as rising 0.9% in February, down from January’s 3.3% pop.
U.S. equity futures traded higher Wednesday morning ahead of a widely anticipated decision from the U.S. Federal Reserve on interest rate policy. Oil prices were bouncing back Wednesday morning. Continue reading
Oil prices were bouncing back Wednesday morning, after earlier falling more than $1 a barrel, as Russia's invasion of Ukraine and ceasefire talks became the latest market triggers. Continue reading
Bitcoin was hovering around $39,000 Wednesday morning after a modest gain in the previous session. Heading into Wednesday, Bitcoin had gained in three of the past four days. Continue reading
The average price for a gallon of gasoline in the U.S. slipped on Wednesday to $4.305, according to the latest numbers from AAA. The price on Tuesday was $4.316. The previous record was $4.33, set on Friday March 11, 2022.
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