Apple surges on iPhone sales; stock indexes wobble

Associated Press

NEW YORK

Investors didn’t react much to a strong hiring survey or the Federal Reserve’s decision to leave interest rates unchanged Wednesday, and U.S. stock indexes finished pretty much where they started. Apple soared after it said iPhone sales improved in its latest quarter.

Stocks jumped in morning trading after payroll provider ADP said hiring by private employers grew stronger in January.

Bond prices climbed. But the market’s gains thinned, partly because investors sold shares of companies that pay big dividends as bond yields rose.

Stocks briefly turned higher after the Fed’s announcement, but that also faded. The only constant was the big gain for Apple, which pushed technology companies higher.

The Federal Reserve left its key interest rate unchanged, just as investors expected. The central bank noted that the job market is getting stronger and inflation is gradually rising, but said it wants more time to monitor the economy.

That’s what investors expected. Kate Warne, an investment strategist for Edward Jones, noted that the central bank just increased rates in December and the Trump administration’s spending and fiscal plans still haven’t been spelled out.