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Market Snapshot: Dow industrials, Nasdaq climb as Fed hints at September rate hike

U.S. stocks attempted to trade higher Wednesday, with the Dow industrials swinging to a slight gain, after the Federal Reserve signaled a willingness to raise benchmark interest rates in the fall.

In its policy statement, the Fed said near-term risks to the economic outlook have been diminished, suggesting that a rate hike in September may be appropriate. According to CME Group’s FedWatch tool, there is a 30% probability for a September rate hike.

The S&P 500 index SPX, -0.03% declined less than a point and was little changed at 2,168, after falling as low as 2,158.96 intraday.

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