Dow Jones clears 37,000 for the first time as Feds maintain interest rates

The Dow Jones Industrial Average on Wednesday cleared 37,000 for the first time in its history as the Federal Reserve declined to raise interest rates at the Federal Open Market Committee (FOMC) meeting.

One of the major stock market indices, the Dow closed at 37,090.24, marking the highest close in its history. During the day, the index surged 512.30 points for a 1.4% gain.

The bump came amid Federal Reserve Chairman Jerome Powell's announcement that "[w]e are likely at or near the peak rate for this cycle," signaling that interest rates would remain stable for the time being.

The Fed has made multiple rate hikes to combat inflation, which surged in 2022 and stood at 3.1% in November. The move is designed to increase the cost of borrowing and slow the pace of economic activity to minimize price increases.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.