Global Stocks Reach Record High Amid Fed's Rate Decision: A Market Snapshot

Global stocks hit a record high for the third consecutive session as the Federal Reserve maintained interest rates, amidst elevated inflation and steady economic growth. The Fed's policy offered no indication of future rate cuts, while the U.S. dollar held its ground post-announcement.

Global stocks achieved an intraday record for a third consecutive session on Wednesday, as the U.S. dollar maintained its strength following the Federal Reserve's decision to keep interest rates unchanged, a move that was broadly anticipated.

The Fed cited persistent inflation and robust economic growth as reasons for maintaining current rates. Fed Chair Jerome Powell emphasized that a rate hike is not imminent, calming market speculation. While Wall Street awaits earnings from tech giants, the S&P 500 closed nearly unchanged after breaching 7,000 for the first time.

The U.S. dollar index saw a modest gain, recovering from recent losses, supported by strong fundamentals. Meanwhile, commodity markets reacted positively, with gold reaching new highs and crude oil prices rising. European markets experienced a downturn, influenced by corporate earnings and currency fluctuations.

(With inputs from agencies.)