Thursday, 14 June 2018

Wall Street Falls as Fed Signals two more Hikes this Year

Wall Street Journal | Trade Nivesh

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The Dow Jones Industrial Average fell 119.53 points, or 0.47 percent, to 25,201.2, the S&P 500 lost 11.22 points, or 0.40 percent, to 2,775.63 and the Nasdaq Composite dropped 8.10 points, or 0.11 percent, to 7,695.70.

US stocks ended a choppy session lower on Wednesday after the U.S. Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year.

Two more hikes are now expected by the end of this year, compared with one previously.

Stocks were volatile after the statement but ended near the lows of the session, and selling was broad-based, with most S&P sector indexes ending lower. The Cboe Volatility index rose.

Fresh projections from policymakers suggested that inflation would run above the Fed's 2 percent target, hitting 2.1 percent this year and remaining there through 2020.

The Dow Jones Industrial Average fell 119.53 points, or 0.47 percent, to 25,201.2, the S&P 500 lost 11.22 points, or 0.40 percent, to 2,775.63 and the Nasdaq Composite dropped 8.10 points, or 0.11 percent, to 7,695.70.

S&P financials , which tend to benefit from rising interest rates, ended down 0.3 percent.

A ruling Tuesday that approved AT&T Inc's USD 85 billion deal to buy Time Warner Inc put the spotlight on media and telecom shares, which mostly rose.

Shares of HBO channel owner Time Warner rose 1.8 percent. AT&T dropped 6.2 percent in its highest volume day ever, sending the S&P telecom services index down 4.5 percent.

Shares of other telecom and media companies such as Sprint Corp , CBS Corp and Discovery Inc ended higher.

After the bell, Comcast Corp offered USD 65 billion for Twenty-First Century Fox Inc media assets. Twenty-First Century Fox shares were up 0.2 percent in after-hours trading, after closing the regular session up 7.7 percent.

 Comcast shares ended the session down 0.2 percent.
Declining issues outnumbered advancing ones on the NYSE by a 1.99-to-1 ratio.

The S&P 500 posted 40 new 52-week highs and two new lows; the Nasdaq Composite recorded 151 new highs and 24 new lows.

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