Wall Street Mixed as Financials Drag After Fed Rate Hike
- 6 years ago
Wall Street Mixed as Financials Drag After Fed Rate Hike
NEW YORK — The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike
but kept its rate outlook for coming years even as it projected faster U. S. economic growth.
Shortly before the Fed news, congressional Republicans said they had reached a deal on tax legislation
and U. S. President Donald Trump said he would back a corporate tax rate of 21 percent
The Dow Jones Industrial Average rose 80.63 points, or 0.33 percent, to end at 24,585.43, the S&P 500 lost 1.26 points, or 0.05 percent, to 2,662.85
and the Nasdaq Composite added 13.48 points, or 0.2 percent, to 6,875.80.
Investors were also keeping a sharp eye on progress in the Republicans’ push for a U. S. tax law overhaul that would involve a corporate tax cut.
The quarter-percentage-point rise in the overnight lending rate, which marked the third hike this year, came along
with an increase to the Fed’s 2018 gross domestic product growth forecast to 2.5 percent from 2.1 percent.
NEW YORK — The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike
but kept its rate outlook for coming years even as it projected faster U. S. economic growth.
Shortly before the Fed news, congressional Republicans said they had reached a deal on tax legislation
and U. S. President Donald Trump said he would back a corporate tax rate of 21 percent
The Dow Jones Industrial Average rose 80.63 points, or 0.33 percent, to end at 24,585.43, the S&P 500 lost 1.26 points, or 0.05 percent, to 2,662.85
and the Nasdaq Composite added 13.48 points, or 0.2 percent, to 6,875.80.
Investors were also keeping a sharp eye on progress in the Republicans’ push for a U. S. tax law overhaul that would involve a corporate tax cut.
The quarter-percentage-point rise in the overnight lending rate, which marked the third hike this year, came along
with an increase to the Fed’s 2018 gross domestic product growth forecast to 2.5 percent from 2.1 percent.