Fed Holds Interest Rates Steady Amid Market Volatility

The Federal Reserve held its benchmark lending rate steady in a decision that was largely expected. Despite ongoing inflation, the Fed's move has sparked debate about the market's expectations.

The Dow Jones Industrial Average rallied on Tuesday, gaining 537.24 points or 1.03%, to close at 52,747.32. The S&P 500 rose 0.21% to 7,428.78, while the Nasdaq Composite fell 0.22% to 24,876.91.

Lower oil prices have helped support the broader market, with West Texas Intermediate crude falling about 4% to settle at $79.26 per barrel and international benchmark Brent crude dropping 4.8% to $84.09.

Meanwhile, Bitcoin has been trading around the $60,000 level for almost two months after falling below $70,000 in June. The cryptocurrency is about 50% below its October record of roughly $126,000, and Wolfe Research analyst Read Harvey expects the recent move toward $65,000 to lose momentum before another decline.