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US STOCKS-Wall St adds a bit to gains after Fed statement citing ongoing economic growth
2019-05-01 14:32

US STOCKS-Wall St adds a bit to gains after Fed statement citing ongoing economic growth

economic growth@ (For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)

* Fed keeps rates unchanged, adding to market gains

* Apple up as China sales steady, upbeat on accessories

* Indexes: Dow up 0.2%, S&P 500 off 0.2%, Nasdaq gains 0.5% (Updates to after Fed statement)

NEW YORK, May 1 (Reuters) - U.S. stocks added slightly to gains after the Federal Reserve held interest rates steady and its policymakers said the economy was in good shape.

In its latest policy announcement, the Fed cited ongoing job and economic growth. Policymakers also held out hope that weak inflation will edge higher.

“There’s no change in what the market thinks about the Fed path. At the border the Fed is coming across as slightly more dovish,” said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

The rate-sensitive S&P real estate index extended gains after the news and was last up 1.1%, while the financial index added to losses and was last down 0.5%.

Earlier, the S&P 500 hit a record high as shares of Apple Inc rose, a day after the company reported quarterly results that beat Wall Street estimates despite a record drop in iPhone revenue.

The company also announced plans for a new $75 billion share buyback and bumped up its cash dividend by 5%. The Dow Jones Industrial Average rose 57.2 points, or 0.22%, to 26,650.11, the S&P 500 gained 6.09 points, or 0.21%, to 2,951.92 and the Nasdaq Composite added 42.88 points, or 0.53%, to 8,138.27.

The technology sector, up 1.1%, has been the day’s best-performing sector.

Advancing issues outnumbered declining ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.

The S&P 500 posted 46 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 79 new highs and 43 new lows. (Additional reporting by Sinead Carew in New York and Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Steve Orlofsky)