US stocks pare gains, close mostly lower after Fed decision

Most US stock indices closed lower on Wednesday, after the Federal Reserve's interest decision and forecasts.

The US Federal Reserve held the interest rate between zero and 0.25%, and signaled that it plans to keep near zero at least until the end of 2023.

The central bank raised its estimates for the GDP in 2020, and lowered its forecasts for the unemployment rate to 7.6% due to the rapid recovery of the economy during this summer.

The US retail sales index rose 0.6% in August, its third straight monthly increase, but came lower than forecasts of 1.1%, vs. 0.9% in July.

Federal Reserve Chairman Jerome Powell confirmed the bank’s ability to support the US economy to return to its growth path, adding that Fed remains committed to using full range of tools.

To the oil market, WTI crude October futures (NYMEX) rose 4.9% or $1.88, to close at $40.16 a barrel, after it hit a high of $40.1 and a low of $38.3.

Brent November futures rose 4.2% or $1.69, to $42.22 a barrel, with a high of $42.2 and a low of $40.5.

As for stocks, Dow Jones rose 0.1% or 36 points to close at 28,032, after it hit a day high 28,364 and a low 28,021.

Nasdaq rose 1.2% or 140 points to 11,050, after it hit a high 11,245 and a low 11,046.

S&P 500 rose 0.5% or 15 points to 3,385, after it hit a high 3,429 and a low 3,384.