The Dow Jones Industrial Average decreased 44.77 points, or 0.15 percent, to 30,154.54. The S&P 500 increased 6.55 points, or 0.18 percent, to 3,701.17. The Nasdaq Composite Index rose 63.13 points, or 0.50 percent, to 12,658.19.
Six of the 11 primary S&P 500 sectors pulled back, with utilities closing down 1.15 percent, leading the laggards. Consumer discretionary rose 1.07 percent, the best-performing group.
U.S.-listed Chinese companies traded higher, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
The U.S. Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero after concluding the final policy meeting of 2020, while expecting rates to stay there at least through 2023.
"The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term," the Fed said, deciding to maintain the target range for the federal funds rate at 0-0.25 percent.
The central bank also said that it will continue to increase its holdings of Treasury securities by at least 80 billion U.S. dollars per month and of agency mortgage-backed securities by at least 40 billion dollars per month until "substantial further progress has been made" toward the Fed's maximum employment and price stability goals.
The Fed slashed interest rates to near zero earlier this year and began purchasing massive quantities of U.S. treasuries and agency mortgage-backed securities in an effort to support markets.
Meanwhile, U.S. retail sales dropped more than expected in November and the prior month was revised to a decline, indicating a slowdown in the economic recovery amid a surging pandemic.
Retail sales decreased by 1.1 percent last month, the U.S. Commerce Department reported Wednesday. Economists polled by Dow Jones expected a decline of 0.3 percent.
October's data was revised down to show sales falling 0.1 percent instead of climbing 0.3 percent as previously reported.
"Consumption is a big share of GDP and sales were not only weak in November, they were revised weaker in October, meaning GDP estimates will suffer," Chris Low, chief economist at FHN Financial, said in a note.
Latest comments