S&P 500 ekes out small gain as the Federal Reserve stays the course with easy policy; European stocks close slightly lower as traders digest inflation data, Fed comments 
The S&P 500 closed slightly higher after Federal Reserve Chairman Jerome Powell said the central bank will maintain its easy monetary policies. 
The broad index added 0.12% to reach 4,374.30 after hitting a new high earlier in the session. The Dow Jones Industrial Average added 44.44 points, or 0.13%, to close at 34,933.23. The Nasdaq Composite fell 0.22% to 14,644.95. 
Powell said in his semiannual testimony before the House Committee on Financial Services Wednesday that the central bank can wait before it starts to ease its bond purchases despite surging inflation readings. The Fed chair said he still expects inflation to moderate. 
Apple shares gained 2.4% after the company reportedly asked suppliers to ramp up production of its next-generation iPhones by 20%. JPMorgan also added the tech giant to its focus list and raised its price target on the stock to imply 20% potential upside from Tuesday’s close. 
Bank of America shares fell after it reported second-quarter revenue of $21.6 billion, just under the $21.8 billion estimate from Refinitiv. Low interest rates knocked net interest income by 6%, the bank said. 
Meanwhile, American Airlines shares jumped after the carrier forecast better revenue and a narrower loss than its previous estimate for the second quarter. The company is set to report quarterly fiscal results on July 22. 

The pan-European Stoxx 600 provisionally closed about 0.1% below the flatline, with travel and leisure stocks dropping 1% to lead losses while basic resources gained 1%. 
In terms of individual share price action, Swedish telecoms company Tele2 gained 5.9% to lead the Stoxx 600 by mid-afternoon, after beating second-quarter core earnings expectations and hiking its outlook. 
Source: CNBC, Investing.com