US stocks end mostly lower as Fed pledges to keep rates low

NEW YORK - Wall Street stocks finished mostly lower after a volatile session mostly on Wednesday as the Federal Reserve kept interest rates low and offered a cautious outlook on the economy.But the broad-based S&P 500 fell 0.5 per cent to end the session at 3,385.49, while the Nasdaq Composite Index dropped 1.2 per cent to 11,050.47, extending a period of weakness for tech companies and reversing a two-day rally.

But Fed chairman Jerome Powell stressed the need for more stimulus from Washington, noting 11 million people are still out of work due to the pandemic. Talks in Washington have stalled in a partisan dispute on Capitol Hill, but there were signs Wednesday of possible movement, as the White House has balked at what officials say is the unrealistically high price tag demanded by Democrats.

Economic data released prior to the Fed announcement was mixed, with August retail sales rising less than expected, but a survey pointing to strong homebuilder sentiment.

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