How major US stock indexes fared Wednesday, 5/1/2024

U.S. stocks finished mixed after the head of the Federal Reserve said the cuts to interest rates that Wall Street craves so much are still likely, even if they’re delayed because of stubbornly high inflation.

The S&P 500 fell 0.3% Wednesday after seeing a big afternoon rally evaporate. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite lost 0.3%.

On the downside for financial markets, the Fed’s chair said inflation is taking longer than expected to get under control. But he also said its next move is unlikely to be a rate hike and announced moves to help stabilize the bond market.

On Wednesday:

The S&P 500 fell 17.30 points, or 0.3%, to 5,018.39.

The Dow Jones Industrial Average rose 87.37 points, or 0.2%, to 37,903.29.

The Nasdaq composite fell 52.34 points, or 0.3%, to 15,605.48.

The Russell 2000 index of smaller companies rose 6.32 points, or 0.3%, to 1,980.23.