US stock markets closed higher on Wednesday after a rollercoaster day. The Dow Jones Industrial Average ended the day at 41,113.97 points, up 0.70% compared to the previous trading day. The broader S&P 500 closed at around 5,630 points, up 0.4%, while the Nasdaq 100 was also up 0.4% at around 19,870 points.
The US Federal Reserve had kept the interest rate unchanged at a range of 4.25% to 4.5%, which did not provide much guidance to market watchers. Analyst Thomas Altmann from QC Partners commented that the statement was difficult to interpret, as the Fed mentioned increased uncertainty regarding inflation and the labor market, both ends of their dual mandate. It remains unclear which of these factors the Fed would prioritize in case of a tie.
The European common currency, the Euro, was weaker against the US dollar on Wednesday evening, with one Euro costing 1.1302 US dollars and one US dollar equivalent to 0.8848 Euros.
The price of gold declined significantly, with a fine ounce trading for 3,373 US dollars (-1.7%), which is equivalent to 95.94 Euros per gram.
The price of oil also fell sharply, with a barrel of North Sea Brent trading at 61.13 US dollars on Wednesday evening, which is 102 cents or 1.6% lower than the previous day’s closing price.