The S&P 500 came within a point of record levels before paring gains, while the Dow marked a record closing high after the Federal Reserve indicated it would keep interest rate near zero for some time - AFP Photo.
NEW YORK: Stock markets around the world closed with modest gains on Wednesday after the US Federal Reserve renewed a pledge to keep interest rates near zero for some time, while bond yields rose and the dollar rallied on expectations of higher rates down the road.
The dollar hit a 14-month high and the benchmark US 10-year Treasury note yield hit its highest level since July 7 after the Fed's projections suggested that some officials see rates rising more quickly than the US central bank projected three months ago.
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