NEW YORK (AP) — Stocks continued to swing between gains and losses Thursday after the Federal Reserve announced it would not raise interest rates, citing lingering concerns about weakness in the global economy and unstable financial markets.
Bond prices rose sharply, sending yields lower, as the Fed said inflation would likely remain in check. The dollar fell against other currencies as traders anticipated that U.S. rates would remain low for some time.
KEEPING SCORE: The Dow Jones industrial average lost 23 points, or 0.2 percent, to 16,712 as of 3:45 p.m. Eastern. The Dow had been up as much as 193 points in late afternoon trading.
The Standard & Poor's 500 index fell 2 points, or 0.9 percent, to 2,013 and the Nasdaq composite added 16 points, or 0.4 percent, to 4,906. Bond prices rose. The yield on the 10-year Treasury note fell to 2.20 percent from 2.30 percent late Wednesday.
FED STANDS PAT: Fed policymakers, wrapping up a two-day meeting, voted to keep U.S. interest rates at record lows. The Fed said that while the U.S. job market is solid, there are reasons to be concerned about global economic growth.