: U.S. stocks cling to gains as Fed delivers 25 basis point rate hike

U.S. stocks are clinging to gains on Wednesday, with the Dow fluctuating between gains and losses, as the Federal Reserve hikes its policy rate target by 25 basis points while embracing a more dovish tone in its policy statement. The S&P 500 gained 9 points, or 0.2%, at 4,128. The Nasdaq Composite COMP gained 49 points, or 0.4%, to 12,129. The Dow Jones Industrial Average DJIA gained 25 points ,or 0.1%, at 33,709. The Fed reworked its policy-statement language, scrapping talk that “some” additional hikes “may” be needed, while the pivotal forward guidance now says: “In determining the extent to which additional policy firming may be appropriate to return inflation to 2% over time, the FOMC will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”

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