Stock Market Today: Stocks Pop, Then Drop After Fed Rate Hike

The major indexes couldn't make heads or tails of the latest Fed statement, ultimately ending the session in the red.

The outside of the Marriner S. Eccles Federal Reserve building in Washington D.C.
(Image credit: Getty Images)

Stocks bounced between positive and negative territory in the lead up to this afternoon's policy statement from the Federal Reserve. 

The major indexes moved comfortably higher after the central bank, as expected, lifted interest rates by a quarter of a percentage point, and gave what many considered to be a relatively dovish outlook on future policy plans. Ultimately, however, markets lost steam into the close.  

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.