Business

Wall Street Market Report

  • 18 June 2014
  • From the section Business

(Close): US stock markets closed higher with the S&P hitting a record high after the Federal Reserve meeting.

The S&P 500 gained 14.99 points, or 0.77% to 1,956.98, pushing past a record set in June.

The Dow Jones rose 98.13 points, or 0.58% to 16,906.62 and the tech-heavy Nasdaq up 25.6 points, or 0.59% at 4,362.84.

The US central bank cut its 2014 growth forecast but said economic activity had "rebounded in recent months".

"The decision confirms that a steady-as-she-goes Federal Reserve will complete its quantitative easing exit later this year, but still have to rely more on forward policy guidance due to remaining growth and jobs challenges," said Mohamed El-Erian, chief economic adviser at Allianz SE.

In terms of individual stocks, ConAgra Foods was one of the biggest losers, down 7.2% after saying lower sales would hit its fourth-quarter profits.

At the other end of the scale, pharmacy chain Walgreen was among the biggest gainers, up 4% on the strength of a broker upgrade.