New york: US stocks ended mixed Wednesday as the Federal Reserve kept its policy rate unchanged after cutting it at three consecutive meetings during the final months of last year. The Dow Jones Industrial Average edged up 0.025%, or 12.19 points, to close at 49,015.60. The Nasdaq rose 0.17%, or 40.35 points, to 23,857.45, while the S and P 500 ticked down 0.01%, or 0.57 points, to 6,978.03.

According to Anadolu Agency, the Fed kept the policy rate steady at the target range between 3.5% and 3.75% on Wednesday, stating that economic activity has been expanding at a “solid” pace. Fed Chair Jerome Powell mentioned during a press conference after the decision that the central bank would consider reducing the policy rate after prices declined. Powell anticipates that the effects of tariffs on goods prices will peak and then decrease, provided no new significant tariff increases occur.

Powell commented on the US economic growth outlook, noting it appears stronger compared to the previous year. He highlighted clear improvements in the growth outlook based on incoming data since the last meeting, with inflation performing as expected and labor market data suggesting stabilization. Overall, Powell described it as a stronger forecast.

On the corporate front, Amazon shares declined around 0.4% following the company’s announcement of an additional 16,000 layoffs to streamline operations and allocate more funds for substantial investments in artificial intelligence (AI). Additionally, UPS shares dropped more than 3.1% after revealing plans to cut an extra 30,000 positions this year. This move is part of UPS’s strategy to end its partnership with Amazon and execute a multiyear recovery plan.