Stocks were higher Wednesday afternoon, after the Federal Open Market Committee (FOMC) released its July monetary policy decision and reaffirmed its commitment to supporting the virus-stricken economy. Executives of some of the largest tech companies in the US testified before Congress, and a host of quarterly corporate earnings results continued to flow.
Wednesday afternoon, the FOMC announced its decision to keep the benchmark interest rate unchanged at its current near-zero level, as had widely been expected by market participants.
“The path of the economy will depend significantly on the course of the virus,” the FOMC said in its statement. “The