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The Federal Reserve on Wednesday abandoned any interest rate hikes this year and flagged an expected slowdown in the economy.
The Fed downgraded its forecasts for U.S. growth, unemployment and inflation.
Policymakers said the Fed’s benchmark overnight interest rate was likely to remain at the current level of between 2.25 percent and 2.50 percent at least through this year.
|I:DJI||DOW JONES AVERAGES||25808.3||+62.63||+0.24%|
|I:COMP||NASDAQ COMPOSITE INDEX||7757.662598||+28.69||+0.37%|
Apple shares rose, while shares of banks and health care companies were broadly lower. The shares of health care and insurnce companies re intrest rate sentive.
Biogen slumped after the drugmaker halted a trial of an Alzheimer’s drug.
Boeing slipped after pressure mounted on the world’s largest planemaker in Washington as U.S. lawmakers called for executives to testify about two crashed 737 MAX jets.
|MU||MICRON TECHNOLOGY INC.||43.01||+2.88||+7.18%|
Investors will now keep a close watch on trade talks between the United States and China as top U.S. officials travel to Beijing to resume negotiations.
President Donald Trump warned on Wednesday that Washington may leave tariffs on Chinese goods for a “substantial period” to ensure that Beijing complies with any trade agreement.
TIn Asian markets on Thursday, China’s Shanghai Composite Index closed up 0.3 percent, while THong Kong’s Hang Seng index fell 0.9 percent. Japanese markets were closed for a holiday.
In Europe, London’s FTSE gained 0.4 percent, Germany’s DAX fell 0.8 percent and France’s CAC was off 0.2 percent.
The Associated Press contributed to this article.