Economic news

U.S. stocks flat amid rising crude oil prices

U.S. stocks were virtually flat on Wednesday, as investors focused on Federal Reserve meeting, while gains in energy stocks offset Facebook’s shares drop.

Photo: Reuters

The Dow Jones Industrial Average inched up 0.04 percent to 24,737.57 and the S&P 500 slipped 0.05 percent to 2,715.46. The Nasdaq Composite was down 0.16 percent at 7,352.43.

Most experts expect that the central bank will raise the interest rate from 1.25-1.5% to 1.5-1.75%. The U.S. current-account deficit expanded 26% in the fourth quarter to $128.2 billion.

Shares of Facebook dipped 2.6 percent in the wake of an uproar over the illegal use of personal data.

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