Wall Street had a relatively bearish trading session with the S&P 500 ending the trading session lower on Wednesday, taking an abrupt nosedive that reversed earlier solid gains. The reversal came after the Federal Open Markets Committee (FOMC) meeting which saw the U.S. Federal Reserve release its statement at the conclusion of its two-day policy meeting.
All three major U.S. stock indexes had a significant level of volatility towards the end of the session that ended with the Dow joining the S&P 500 in negative territory. However, the NASDAQ on the other hand, closed the trading session on the green but marginally.
The indexes enjoyed a brief surge after the Federal Open Markets Committee left key interest rates near zero. But those gains quickly evaporated as the Fed statement warned it would soon begin raising the Fed Funds target rate to combat persistent inflation related to the COVID-hobbled supply chain.