Dow, S&P 500 and Nasdaq all end higher after Fed leaves interest rates unchanged

The Dow Jones Industrial Average, S&P 500, and Nasdaq all closed higher after the Federal Reserve held its benchmark interest rate steady at its latest policy meeting. The decision removed the near-term risk of a rate hike that could have tightened financial conditions, and equity markets responded by reducing the discount rate applied to future earnings. The transmission runs primarily through the rate-expectations channel: a steady policy stance dampens pressure on long-term Treasury yields, which lowers the relative attractiveness of fixed income and supports valuations for growth-sensitive equities. The Nasdaq 100 and the S&P 500 are most exposed, given their heavier weighting toward long-duration technology and growth names whose valuations are more sensitive to shifts in discount rates. Traders will be watching the next Consumer Price Index release and the Fed's forward guidance on the timing of future rate adjustments, as any inflation surprise could quickly reprice expectations.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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