With Fed Rate Suspense Out of Way, Dow jumps nearly 600 pts, Nasdaq comes within 100 pts of 18,000

US Stock Market Update (March 19), Dow Jones, Fed Rate Decision: US equity benchmarks Dow Jones Industrial Avearge (DJIA), S&P 500 and Nadsaq Composite built on their intraday gains on Wednesday after the Federal Reserve maintained its existing benchmark interest rates citing “increased uncertainty”. The decision by the Federal Open Market Committee, led by Fed Chair Jerome Powell, was unanimous. 

The US central bank raised its core inflation outlook for the year by 30 basis points (bps) to 2.8 per cent, while maintaining its projection for the next year at 2.2 per cent. 

The Dow Jones Industrial Average jumped as much as 597.1 points, or 1.4 per cent, to touch 42,178.4 on the upside after the Fed announcements. The S&P 500 gained as much as 100.7 points, or 1.8 per cent, to 5,715.3 while the technology stocks-heavy Nasdaq Composite surged to as high as 17,917.5, up 413.4 points, or 2.4 per cent, from its previous close. Buying interest in technology, consumer discretionary, energy and industrial shares drove the gains on Wall Street, though selling pressure in consumer staple and healthcare spaces limited the upside.

US Stock Market on Wednesday, March 19 | Here is how Dow Jones, S&P 500 & Nasdaq fared

At 4:20 pm Eastern Time on Wednesday, (1:50 am in India the next day), this is where the main American indices stood:

• DJIA: 383.3 points, or 0.9 per cent, at 41,964.6
• S&P 500: up 60.6 points, or 1.1 per cent, at 5,675.3
• Nasdaq Composite: up 246.7 points, or 1.4 per cent, at 17,750.8

ALSO READ: New York-based bourse operator Nasdaq plans 24-hour round the clock trading

Top Dow Gainers vs Losers

Except eight stocks, all Dow constituents were in the green zone.

Read more on March 19 Fed rate decision here

With inputs from agencies

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