Wall Street slips from day's high post Fed's comment

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The US markets ended mixed on Wednesday as a rally that had started post the Fed's statement fizzled. Stocks had opened higher earlier in the day as investors cheered some encouraging readings on the economy.

The Federal Reserve meanwhile, kept its benchmark federal funds rate unchanged and repeated it will keep interest rates near zero for "an extended period". The Fed specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline.

The Fed said household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.

Dow rose 30.23 points, or 0.3%, to 9,802.14. The S&P 500 index rose 1.09 points, or 0.1%, to 1,046.50. The Nasdaq Composite Index fell 1.80 points, or 0.1%, to 2,055.52.

In economic data from the US, the ISM reported its gauge of the services sector dropped to 50.6 in October from 50.9 in September. The ADP reported that fewer jobs were lost in October than in previous months.

In the Forex market, the dollar traded near the lowest level in a week against the euro after the Fed reiterated a pledge to keep borrowing costs near zero. The dollar index fell to as low as 75. It's currently trading below the 76 mark.

Crude prices rose above the USD 80 mark after a US government report showed a surprise decline in crude stocks which fell by 4 million barrels.

In base metals, copper rose nearly 2%. Others like aluminum, zinc, tin and nickel also rose.

Gold climbed to an all-time high on dollar decline after the Fed's comments. The precious metal touched a record $1,098.