U.S stocks remain steady after Fed statement

U.S. stocks remained steady on Wednesday after the Federal Reserve signaled that it was coming closer to winding down its asset-purchasing program and economic recovery remained on pace despite increasing coronavirus infections.

The broad S&P 500 index climbed 0.13 %, while the Dow Jones Industrial Average fell 0.21 %. The Nasdaq Composite, which is heavily weighted toward technology, rose 0.8 % around 3:45 PM ET.

Stocks have been hovering at all-time highs, with all three indices closing at all-time highs on Monday.

The Fed's announcement came at the end of its most recent two-day policy meeting. The Fed did not disclose any fresh economic predictions, but it did keep its overnight benchmark interest rate near zero and its bond-buying program unchanged.

Boeing Co rose 4.3 % as the airplane manufacturer posted its first quarterly profit in almost two years.

Pfizer Inc shares rose 3% as soon as the company said it expected the Covid-19 vaccine sales to reach $33.5 billion this year, a roughly 30% rise from its projection three months ago but around 3:45 PM ET shares fell 0.4%.

U.S. stocks have been steadily rising as investors lauded solid corporate earnings and a positive outlook from some of the country's top corporations. At the same time, worries remain about the Delta-variant of Covid-19, supply-chain issues, a surge in inflation, and slowing economic development

Google parent Alphabet Inc surged 3.3 % to an all-time high, assisting the Nasdaq, as a spike in advertising expenditure helped it achieve record quarterly profits.

Spotify Technology S.A. fell 5.6 % after the music streaming service attracted fewer customers than projected. Starbucks Corp dropped 2.7 % after the coffee company stated that inflation and supply-chain disruptions lowered its profit. 

Facebook Inc, Qualcomm Inc, PayPal Holdings Inc, and Ford Motor Co will disclose Q2 earnings after the market closes, while Amazon Com Inc will report on Thursday.

Overseas, the Stoxx Europe 600 index climbed 0.65%. The Hang Seng Index increased 1.5 %, while the Shanghai Composite Index fell 0.58 %.

With inputs from WSJ