The S&P 500 was flat on Wednesday after the U.S. Federal Reserve held interest rates and its monthly bond-buying program steady and gave no sign it was ready to reduce its support for the recovery. Despite the improving economy, the Fed repeated the guidance it has used since December, saying it must see “substantial further progress” towards its inflation and employment goals before stepping back from its monthly bond purchases. Google parent Alphabet Inc jumped about 4% after reporting a record profit for the second consecutive quarter and announcing a $50 billion share buyback.

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