(CNBC) -- Stocks closed little changed on Wednesday even after the Federal Reserve kept interest rates steady and struck an upbeat tone on the health of the U.S. economy.
The Dow Jones Industrial Average ended the day up 11.60 points at 28,734.45, a move of less than 0.1%. The 30-stock average had climbed as much as 221 points earlier in the session before reversing course. The S&P 500 fell less than 0.1% to 3,273.40 while the Nasdaq Composite advanced less than 0.1% to 9,275.16.
“News that the Fed is still increasing its balance sheet will be music to the stock market’s ears as many investors believe the liquidity somehow makes its way into the stock market helping to fuel the rally,” said Chris Rupkey, chief financial economist at MUFG.
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