The Federal Open Market Committee (FOMC) concluded its two day series of meetings with a decision not to raise interest rates. Wall Street’s major averages extended gains as the close approached, more than recovering from a brief dip into negative territory after the release of the Fed statement. The FMOC voted to maintain its zero interest rate policy, and cited weakness in exports and soft inflation as reasons to pass on enacting its first interest hike in more than nine years. There were very few clues given in the Fed’s announcement as to when they would raise interest rates.
Watch CNBC’s Steve Liesman with more below:
The FMOC last raised the funds rate June 29th, 2006, then began cutting on Sept. 18th, 2007, as the global financial crisis began to get worse. On Dec. 16th, 2008, the Federal Open Markets Committee then took the rate down to a 0-0.25 percent range where it has stayed since.
Here are the final numbers from Wednesday, 10/28/15 on Wall Street:
Dow Jones Industrial Average: 17, 778.78 (+197.35/ +1.12%)
NASDAQ: 5,095.69 (+65.54 / +1.30%)
S&P 500: 2,090.31(+24.43 / +1.18%)