The S&P 500 touched 7,000 for the first time on Wednesday before settling just below breakeven, after the Federal Reserve’s interest rate decision to maintain rates steady in the 3.5% to 3.75% range sent Treasury yields higher. Fed Chair Jerome Powell said the U.S. economy is on a "firm footing" and signaled that monetary policy is not as restrictive as some may think. Meanwhile, the Dow and Nasdaq settled quietly higher as investors turned their attention to Big Tech earnings.

OIL EDGES HIGHER; GOLD NABS NEW HIGHS

Oil prices were higher after President Trump struck Iran with an ultimatum, warning a “massive Armada” is coming the country's way and that it's time to make a deal on its nuclear program. March-dated West Texas Intermediate (WTI) crude added 1.3% to settle $68.40 per barrel.

Gold prices also advanced, tapping even more record highs after the Federal Reserve kept interest rates the same. February-dated gold futures broke above the $5,300 level for the first time earlier, but settled at $5,276.60 per ounce. 

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