TORONTO - Canada's main stock index managed to eke out a record high close on Wednesday after giving up moderate gains made earlier in the day.

The S&P/TSX composite index edged up 3.74 points to 16,029.33, with metals and energy stocks providing enough lift to keep the index out of the red.

Earlier in the trading session, the commodity-heavy TSX set an intraday record high of 16,105.88.

In New York, markets were mixed following the Federal Reserve's announcement that its key interest rate will remain unchanged in the low range of 1.0 per cent to 1.25 per cent. But it's hinting that it's preparing to resume raising rates as the economy shakes off the effects of recent hurricanes.

After giving up gains made earlier Wednesday, the Dow Jones industrial average advanced 57.77 points at 23,435.01 and the S&P 500 index added 4.10 points to 2,579.36. The Nasdaq composite index was down 11.14 points to 6,716.53.

"The dip we saw in the States at least was after the Fed meeting. It didn't dip for long but ... I think that pulled Toronto and the markets down," said Michael Currie, vice-president of TD Wealth Private Investment Advice.

"We always see some volatility following a Fed meeting even though this was a meeting where nothing really happened."

Otherwise, Currie added, markets are generally still experiencing a long-term upward grind.

"We're still seeing new record highs on the major markets and nothing's bucking that trend even with a bit of a slow one today," he said.

With the U.S. central bank remaining confident that the strength of America's job market and its overall economy will justify further gradual increases in interest rates, Curry said that will also have an effect on future rate hikes in Canada and the loonie.

"From the Canadian perspective, especially with the loonie taking a dip as it has been, how much longer can they keep hiking rates in the States and not hike rates in Canada as well?" he said.

In currency markets, the Canadian dollar was trading at an average price of 77.61 cents US, up 0.05 of a U.S. cent.

On the corporate front, shares of Hudson's Bay Co. (TSX:HBC) were up $1.02, or 9.05 per cent, to $12.29 after the national retailer said it's received an unsolicited offer from European retail competitor SIGNA Holding for its German department store chain Kaufhof and other real estate assets. HBC acquired Kaufhof in 2015 as part of a $3.2-billion deal that included Belgium retailer Galeria Inno.

In commodities news, the December crude contract was down eight cents to US$54.30 per barrel and the December natural gas contract was unchanged at US$2.89 per mmBTU.

The December gold contract was up US$6.80 to US$1,277.30 an ounce and the December copper contract added four cents to US$3.14 a pound.

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News from © The Canadian Press, 2017