Global stocks hold gains after Fed decision, oil prices jump
SPY•Global stocks held gains after the Federal Reserve kept its benchmark rate at 3.75%-4.00%, while oil rose after an attack on a Saudi refinery. Brent gained 1.4% to $115.48 a barrel and U.S. crude rose nearly 3% to $102.86.
1. Fed holds rates steady
The Federal Reserve voted 10-2 to keep its benchmark interest rate within the 3.75%-4.00% range, as expected. The Dow rose 0.17% and the S&P 500 gained 0.08%, while the Nasdaq fell 0.16%; the global stocks gauge rose 0.22%.
2. Oil prices rise
Oil prices climbed after an attack on a refinery in Saudi Arabia renewed concerns about Middle East supply risks. Brent crude futures rose 1.4% to $115.48 per barrel, and U.S. crude futures gained nearly 3% to $102.86.
3. Investors watch earnings
Investors awaited results from Microsoft and Alphabet after the market close, looking for signs of changes in AI-related capital spending and evidence of returns on those investments. The Reserve Bank of New Zealand unexpectedly held its rate at 2.75%, sending the kiwi down 1.2%.
