Business

US stock markets mixed after Fed meeting

NYSE traders Image copyright Getty Images

Gains in US banking shares were offset on Wednesday by declines in media stocks and Apple shares.

Bank stocks rose after the US Federal Reserve expressed confidence in the economy, lending hope that it would raise interest rates again soon. Higher rates help to boost banks' profits.

The Dow Jones index edged up 8 points to 20,957.90, while the broader S&P 500 fell 3 points to 2,388.13.

The tech-heavy Nasdaq index fell 22.82 points to 6,072.55.

The Federal Reserve said on Wednesday it would not change its interest rate target this month.

But it also said that a recent economic slowdown was "transitory", fuelling hopes among investors for future rate rises.

Goldman Sachs and JP Morgan Chase both closed up more than 0.5% for the day.

Beauty company Estee Lauder also saw shares spike more than 4% after reporting better-than-expected quarterly results.

However, shares at media groups Viacom and Time Warner slid after the latter said advertisers were taking a "wait-and-see" approach. Viacom is due to report quarterly results on Thursday.

Shares in tech giant Apple fell 0.31%, although it started the day down nearly 2% after news that sales of iPhones fell in the first quarter of 2017.