Fed Stays Put, as Do Most ETFs

Major stock indexes failed to react after the Federal Open Market Committee said it would leave the federal funds rate unchanged and that it’s seeing mild economic improvements. "Information received since the FOMC met in April suggests that the pace of economic contraction is slowing," the agency said in an official statement, adding that inflation isn't an immediate concern. Oracle (ORCL) beat Street estimates and gave tech stocks a lift. Energy prices receded slightly, keeping oil under $70 a barrel. The Dow Jones Industrial Average shed 23 points to close at 8300. For a complete rundown of Wednesday’s trading session see our market story. 

Renewed interest in tech stocks pushed shares of the chip maker-heavy iShares MSCI Taiwan Index fund (EWT) higher by 3.3%. And in China, the Shanghai Composite Index rose 0.3%, propelling the iShares FTSE/Xinhua China 25 Index fund (FXI), which is based on an index of the top 25 stocks, 3% higher.

Natural gas prices ebbed again Wednesday, dropping shares of the United States Natural Gas fund (UNG) by 2.6%. The United States Oil fund (USO) fell 0.8%.

Launching Pad
ProShares, a major provider of leveraged exchange-traded funds, filed a request with the Securities and Exchange Commission to launch a triple-leveraged fund based on the daily returns of the S&P 500 stock index. It also wants to launch a fund of equal leverage to short the index. Both funds would have expense ratios of 0.95%.

Earnings and Conference Calls
Accenture, American Software, ConAgra Foods, Jackson Hewitt Tax Service, Lennar, Micron Technology, Palm

Economic Data
8:30 a.m. 1Q Final GDP
8:30 a.m. Initial Jobless Claims
2:15 p.m. June FOMC Interest Rate Decision

A look at how the industry's most popular ETFs did on Wednesday: