Stock market news live updates: Stocks turn positive after Fed decision

Stocks pared losses to turn slightly positive Wednesday afternoon as market participants digested the Federal Reserve’s latest monetary policy decision and outlook for the economy over the next several years.

Members of the Federal Open Market Committee announced Wednesday their unanimous decision to keep benchmark interest rates on hold near zero, noting that the ongoing coronavirus pandemic “poses considerable risks to the economic outlook over the medium term.” This decision had been widely expected by investors, with the low rates a major component of the central bank’s wide-ranging efforts to stimulate borrowing and lending in the virus-stricken economy.