The S&P 500 crossed the psychologically significant 7,000 level for the first time ever but trended lower into the Fed's decision to hold the target range for the federal funds rate at 3.50% to 3.75%. Stocks were up and down for much of Wednesday's trading session and closed mixed amid a recovery for a big health care stock and solid signals from multiple AI stocks.
Two voting members of the Federal Open Market Committee (FOMC) dissented from today's decision to hold interest rates steady: Stephen Miran, appointed last year by President Donald Trump to complete Adriana Kugler's term on the board, and Christopher Waller, one of a handful of names on the president's list of candidates to replace Jerome Powell as Fed chair.
