https://youtu.be/2ss4r6a5vAs
- US equities wavered on Wednesday as investors mulled the Federal Reserve’s policy update, disappointing economic data, and progress toward passing new stimulus.
- Congressional leaders are close to agreeing on a stimulus package that includes just under $900 billion in relief funds, Politico reported. A deal could be finalized as early as Wednesday morning.
- Spending at US retailers contracted by 1.1% in November, the Census Bureau said Wednesday. Economists had expected a drop of just 0.3%. October’s preliminary 0.3% gain was revised to a 0.1% drop.
- The Federal Open Market Committee decided to hold interest rates near zero and maintain the current pace and composition of its asset purchases. Improved economic projections from Fed policymakers see US GDP staging a complete recovery by the end of 2021.
- Watch major indexes update live here.
US stocks closed mixed on Wednesday as investors digested the Federal Reserve’s December update and stimulus progress. While the Nasdaq composite index finished at a record and the S&P 500 ended up just shy of all-time highs, the Dow Jones industrial average slid. The Federal Open Market Committee decided to hold rates near zero and maintain the current pace and composition of their asset purchases. Policymakers indicated the $120 billion in monthly purchases will continue until “substantial further progress” is made toward reaching maximum employment and healthy inflation. Economic projections from Fed officials were revised higher. The central bank’s median estimate sees GDP growing 4.2% in 2021, completely offsetting this year’s pandemic-induced slump. Unemployment is expected to fall to 5% through 2021 and reaching pre-pandemic lows in 2023. Nick Note: This is a soft cushion they just put on our 4 legged stool. ENJOY!