U.S. stocks are clinging to gains on Wednesday, with the Dow fluctuating between gains and losses, as the Federal Reserve hikes its policy rate target by 25 basis points while embracing a more dovish tone in its policy statement. The S&P 500 gained 9 points, or 0.2%, at 4,128. The Nasdaq Composite COMP gained 49 points, or 0.4%, to 12,129. The Dow Jones Industrial Average DJIA gained 25 points ,or 0.1%, at 33,709. The Fed reworked its policy-statement language, scrapping talk that “some” additional hikes “may” be needed, while the pivotal forward guidance now says: “In determining the extent to which additional policy firming may be appropriate to return inflation to 2% over time, the FOMC will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
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