Markets finished flat on Wednesday after the Fed decided to leave rates unchanged at its target between 0% and 0.25%. The government also reported that it would not sell its stake in Citigroup despite the fact that Citi is planning to offer more equity, sending shares of the banking giant plunging after hours. In Copenhagen, highly-anticipated climate change talks continued to stall, further reducing the likelihood that the different groups will be able to come to a consensus.
The ETFdb 60 Index, a benchmark designed to measure the performance of asset classes available through ETFs, added 3.55 points, or 0.3%, to close at 1,028.87.
Commodities were the biggest gainers today with the iPath Dow Jones-AIG Copper Total Return Sub-Index ETN (JJC) and iPath Dow Jones-AIG Sugar Total Return Sub-Index ETN (SGG) leading the charge. JJC and SGG finished up 1.9% and 4.9%, respectively. Sugar prices gained after reports that Brazilian supplies of the commodity would drop to 34m tonnes from an official forecast of 36.7m tonnes in September. Copper gained despite a firmer dollar thanks to signs that the housing market is beginning to rebound and that copper will be in greater demand in the United States.
Leading decliners on Wednesday was the iPath S&P 500 VIX Short-Term Futures ETN (VXX), which was down 3.9% as the markets moved sideways for much of the day despite the FOMC announcement.
Disclosure: No positions at time of writing.