U.S. stocks were higher Wednesday, as the attention of Wall Street shifted from the Greece crisis to the Federal Reserve statement.
With no solution imminent in Greece, it made sense for investors to choose to follow the policymakers, in hopes of finding further clues to the timing of an interest rate hike. However, the Fed statement came and went with no rate hike this time around, and little discussion of when such a occurrence might be realistic. The central bank did revise its’ annual GDP expectations to 1.8-2%.
Some investors are beginning to believe the Fed may wait until December for that first rate hike—but compensate by making it a larger initial increase. But little, if any, of that speculation received clarification on Wednesday.
Here are the final numbers from Wednesday on Wall Street:
Dow Jones Industrial Average: 17,935.74 (+31.26)
NASDAQ: 5,064.88 (+9.33)
S&P 500: 2,100.44 (+4.15)