S&P 500 ends flat; Fed gives no word on tapering
NEW YORK (REUTERS) - The S&P 500 finished a volatile session nearly flat on Wednesday after the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent.
After paring most of the day's gains just before the close, the S&P 500 ended July up 5 per cent - its best monthly percentage increase since January.
In a statement following its two-day policy meeting, the Fed said the economy continues to recover but still needs support.
Stocks mostly extended gains following the Fed's statement, led by S&P indexes tracking consumer discretionary, energy and other growth sectors. The S&P consumer discretionary index ended up 0.5 per cent.