Stocks climbed for the third straight session Wednesday after the Federal Reserve held interest rates steady but signaled it could lower them later this year.
Bokeh Capital Partners chief investment officer, Kim Forrest:
SOUNDBITE: BOKEH CAPITAL PARTNERS CHIEF INVESTMENT OFFICER, KIM FORREST (ENGLISH) SAYING:
"Today's Fed showed us that they're worried about a softening economy and they're willing to cut rates which should allow the multiple paid for stocks to remain where it is or maybe even increase."
Trading took a cautious tone with defensive sectors like healthcare and utilities leading the gainers. Allergan climbed. The drugmaker said trials showed one of its drugs improved abdominal symptoms in patients suffering from irritable bowel syndrome.
Shares of Adobe jumped. Quarterly profit and revenue at the Photoshop software provider beat estimates.
PG&E shares shot higher. The troubled utility settled wildfire claims held by 18 local governments that were impacted by fires in 2015, 2017 and 2018.