Indexes were a lush green in the afternoon. 9380 equities in the green were winning compared to just 3300 in the red.
Just past 4 PM EST, the $S&P 500 Index (.SPX.US)$ grew 0.91%. The $Dow Jones Industrial Average (.DJI.US)$ climbed 0.85%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.51%
MACRO
Nonfarm productivity rose by 0.3% in Q1 after a 3.5% gain in Q4, below expectations for a 0.5% gain in a survey compiled by Bloomberg as of 7:35 am ET. Blomberg reported that labor costs increased by the most in a year during the first quarter.
Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. In a statement released just at 2 PM, the committee said inflation has eased, but it can only expect to reduce the target range when they have more confidence inflation has lowered for good.
Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates, even though he acknowledged that bringing inflation down to their 2% target remains uncertain.
"I think it's unlikely that the next policy rate move will be a hike," Powell said in the press conference following the announcement. "We need persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation down to 2%. That's not what I think we're seeing, as we mentioned."
$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.93, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.63.
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