US stocks hold near their all-time high while the dollar’s value stabilizes

NEW YORK (AP) — Few ripples washed through Wall Street Wednesday after the Federal Reserve decided to hold its main interest rate steady, just like investors expected.

The U.S. stock and bond markets each remained at a virtual standstill, while the U.S. dollar stabilized following its sharp recent slide. Some of the strongest action remained in the gold market, where the metal’s price jumped to another record.

The S&P 500 was nearly unchanged and inched down by less than 0.1% from its all-time high. The Dow Jones Industrial Average added 12 points, or less than 0.1%, and the Nasdaq composite rose 0.2%.

Seagate Technology jumped 19.1% for the biggest gain in the S&P 500 after the seller of hard drives and other data-storage products reported a bigger profit for the latest quarter than analysts expected. CEO Dave Mosley cited demand driven by artificial-intelligence applications, among other things.

Nvidia, the stock that’s become the poster child of the AI boom, climbed 1.6% and was the strongest single force lifting the S&P 500. It also benefited from an encouraging report from ASML, whose machinery helps make chips.

The Dutch company gave a forecast for revenue in 2026 that topped analysts’ expectations, and CEO Christophe Fouquet said customers have been notably more encouraged about “the sustainability” of AI demand. That helped allay concerns that the AI frenzy has gone overboard and created a potential bubble that may burst.

On the losing end of Wall Street was Amphenol, whose stock tumbled 12.2% even though it reported a stronger profit than analysts had forecast. Expectations were high for the maker of fiber-optic connectors and other high-tech equipment after its stock came into the day with a surge of 23% for the young year so far.

Companies across the market are under pressure to deliver solid growth in profits following record-setting runs for their stock prices. Stock prices tend to follow the path of corporate profits over the long term, and earnings need to rise to quiet criticism that stock prices have grown too expensive.

Apple slipped 0.7% ahead of its profit report coming on Thursday. Because of its immense size, it was the single heaviest weight on the S&P 500.

All told, the S&P 500 edged down by 0.57 to 6,978.03 points. The Dow Jones Industrial Average rose 12.19 to 49,015.60, and the Nasdaq composite rose 40.35 to 23,857.45.

In the foreign-exchange market, the U.S. dollar stabilized as Treasury Secretary Scott Bessent said in an interview on CNBC that the U.S. government is not intervening in the currency market and continues to want a “strong dollar.”

The dollar climbed against the euro, British pound and other rivals, a day after an index measuring the U.S. dollar’s value against several of its peers dropped to its weakest level since early 2022. It also climbed against the Japanese yen, which had jumped earlier in the week with rumors that U.S. and Japanese officials may intervene in the market to prop up the yen’s value.

The dollar has been generally weakening since President Donald Trump entered the White House last year, and its descent accelerated after Trump threatened tariffs earlier this month against several European countries that he said opposed his taking control of Greenland.

Such threats, along with worries about risks like the U.S. government’s heavy debt, have periodically pushed global investors to step away from U.S. markets, a move that’s come to be called “Sell America.”

In the bond market, Treasury yields held relatively steady following the Fed’s widely expected move to hold its main interest rate steady.

The Fed cut rates several times last year in hopes of shoring up the job market, but inflation remains stubbornly above its 2% target. Lower interest rates could worsen inflation while giving the economy a boost. Lower rates could also further undercut the U.S. dollar’s value, which would help U.S. exporters. Trump has been pushing aggressively for lower rates.

The Fed’s chair, Jerome Powell, said that interest rates look to be “in a good place” at the moment, giving the central bank time to and wait and see how things progress. In the meantime, “the economy has once again surprised us with its strength,” he said.

The yield on the 10-year Treasury remained at 4.24%, where it was late Tuesday.

As global investors have stepped away from the U.S. dollar due to political instability and other worries, prices have surged for gold and other metals as investors searched for something safer to own. Gold’s price topped $5,000 per ounce this week for the first time, and it added another 4.3% to settle at $5,340.20.

In stock markets abroad, indexes sank in Europe following better performances in Asia.

South Korea’s Kospi rose 1.7% to another record, thanks in part to a 5.1% leap for chip company SK Hynix, while Hong Kong’s Hang Seng rallied 2.6%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Specialist Patrick King, left, and trader Mark Puetzer work on the floor of the New York Stock Exchange, Wednesday, Jan. 28, 2026. (AP Photo/Richard Drew)

The Fearless Girl statue stands in the snow in front of the New York Stock Exchange, Monday, Jan. 26, 2026. (AP Photo/Richard Drew)

Specialist Michael Pistillo works at his post on the floor of the New York Stock Exchange, Monday, Jan. 26, 2026. (AP Photo/Richard Drew)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Shanghai, Nikkei and New York Dow indexes at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

MINNEAPOLIS (AP) — President Donald Trump seemed to signal a willingness to ease tensions in Minneapolis after a second deadly shooting by federal immigration agents, but there was little evidence Wednesday of any significant changes following weeks of harsh rhetoric and clashes with protesters.

The strain was evident when Trump made a leadership change by sending his top border adviser to Minnesota to take charge of the immigration crackdown. That was followed by seemingly conciliatory remarks about the Democratic governor and mayor.

Trump said he and Gov. Tim Walz, whom he criticized for weeks, were on “a similar wavelength” following a phone call. After a conversation with Mayor Jacob Frey, the president praised the discussion and declared that “lots of progress is being made.”

But on city streets, there were few signs of a shift. Immigration enforcement operations and confrontations with activists continued Wednesday in Minneapolis and St. Paul.

A group of protesters blew whistles and pointed out federal officers in a vehicle on a north Minneapolis street. When the officers’ vehicle moved, a small convoy of activists followed in their cars for a few blocks until the officers stopped again.

Associated Press journalists were in the neighborhood covering the enforcement actions. When the journalists got out of their car to document the encounter, officers with the federal Bureau of Prisons pushed one of them, threatened them with arrest and told them to get back in their car despite the reporters' identifying themselves as media.

Officers from multiple federal agencies have been involved in the enforcement operations. From their car, the AP journalists saw at least one person being pepper sprayed and one detained, though it was unclear if that person was the target of the operation or a protester. Agents also broke car windows.

Attorney General Pam Bondi, who is visiting Minnesota, said 16 people were arrested Wednesday on charges of assaulting, resisting or impeding law enforcement in the state. She said more arrests were expected.

“NOTHING will stop President Trump and this Department of Justice from enforcing the law," Bondi said in a social media post.

Messages seeking comment were left with Immigration and Customs Enforcement and the Border Patrol.

Many immigrant families are still fearful of leaving their homes, and Latino businesses are still closed, according to Daniel Hernandez, who owns the Minneapolis grocery store Colonial Market. He also runs a popular Facebook page geared toward informing the Hispanic community in the Twin Cities.

While Colonial Market is open, all but one of the dozen immigrant-run businesses that rented space inside to sell clothes, jewelry and toys have closed since late December, and none has plans to reopen, Hernandez said.

“The reality is the community is still very worried and afraid,” Hernandez said.

Hernandez referenced Border Patrol commander Gregory Bovino, who helped lead the administration's crackdown in the Twin Cities and who has reportedly been assigned elsewhere.

Bovino "was removed, but the tactics so far are still the same," Hernandez said. “Nobody now is trusting the government with those changes.”

The federal enforcement extended to the city’s Ecuadorian consulate, where a federal law enforcement officer tried to enter before being blocked by employees.

Meanwhile, Trump said in a social media post that the mayor was “PLAYING WITH FIRE” by not participating in the enforcement efforts.

Elsewhere on Wednesday, Donnie McMillan placed a cardboard sign reading “In remembrance of my angel” at the makeshift memorial where Alex Pretti was shot.

The Vietnam veteran, 71, kneeled to pay his respects and saluted to honor the nurse whom he said he remembered seeing during his frequent visits to the Veterans Affairs hospital where Pretti worked.

“I feel like I’ve lost an angel right here,” the disabled veteran said, pointing to the growing sidewalk memorial covered in flowers, candles and signs.

“This is not the way we should operate,” added McMillan, who said he served in Vietnam and then in the military police for more than a decade. “I respect everybody, but I respect my angel more, and now he’s no longer with us.”

Also Wednesday, the Department of Homeland Security said two federal agents involved in Pretti's death have been on leave since Saturday, when the shooting happened.

In other developments, a man confronted Democratic Rep. Ilhan Omar during a town hall meeting and squirted her with a strong-smelling substance as she denounced the administration. He was tackled and identified by police as 55-year-old Anthony Kazmierczak, a convicted felon who had made online posts supportive of Trump.

Minnesota court records show Kazmierczak was convicted of auto theft in 1989 and has multiple arrests for driving under the influence, along with a slew of traffic offenses. It was not immediately clear if he had an attorney.

In social media posts, Kazmierczak described himself a former network engineer who lives in Minneapolis and had made comments critical of former President Joe Biden, referring to Democrats as “angry and liars.”

Omar continued speaking for about 25 minutes after the man was ushered out by security, saying she would not be intimidated. After the event, she said she was unharmed.

The administration was also being challenged in court. Federal courts were weighing a decision on a lawsuit seeking to pause the crackdown, as well as an order for the head of ICE to appear personally to address what a judge said were failures to grant due process for certain immigrants.

Associated Press writers Mike Catalini in Trenton, New Jersey, and Michael Biesecker in Washington contributed to this report.

The Ecuadorian consulate stands in Minneapolis, Jan. 28, 2026. (AP Photo/Jack Brook)

Vietnam war veteran Donnie McMillan places a sign that says "In remembrance of my angel" at a memorial set up at the location where Veterans Affairs nurse Alex Pretti was shot by U.S. federal agents, in Minneapolis, Wednesday, Jan. 28, 2026. (AP Photo/Jack Brook)

A person is attended to after federal officers used a chemical irritant on Wednesday, Jan. 28, 2026, in Minneapolis. (AP Photo/Julia Demaree Nikhinson)

A person walks past a memorial honoring Alex Pretti outside the Minneapolis VA hospital on Wednesday, Jan. 28, 2026, in Minneapolis. (Kerem Yücel/Minnesota Public Radio via AP)

A federal officer approaches observers and journalists on Wednesday, Jan. 28, 2026, in Minneapolis. (AP Photo/Julia Demaree Nikhinson)

ADDS MORE INFORMATION Federal Bureau of Prisons officers threaten AP video journalist Mark Vancleave with arrest on Wednesday, Jan. 28, 2026, in Minneapolis. (AP Photo/Julia Demaree Nikhinson)

Federal agents knock on a door of a residence on Wednesday, Jan. 28, 2026, in Blaine, Minn. (AP Photo/Adam Gray)