Stocks close lower after Fed hikes rates

(CNBC) — U.S. stocks whipsawed on Wednesday after the Federal Reserve upgraded its economic outlook and increased interest rates. The central bank also increased its rate-hike forecast for next year.

The Dow Jones industrial average briefly traded 250 points higher before holding just 60 points higher. The S&P 500 gained as much as 0.8 percent before trading 0.2 percent higher. The Nasdaq composite declined 0.1 percent after gaining as much as 0.6 percent.

“The initial reaction in stock was because the median dot plot didn’t go up for 2018,” said James Athey, senior investment manager at Aberdeen Standard Investments. “Then there was the more concerned reaction, with investors saying: ‘Hold on, there’s one more rate hike in for 2019.’”



Leave a Reply

Recent Posts

Trump Supporters: Get Your 2020 'Keep America Great' Shirts Now!

Are you a proud supporter of President Donald Trump?

If so, you’ll want to grab your 2020 re-election shirt now and be the first on your block to show your support for Trump 2020!

These shirts are going fast so click here to check for availability in your area!


More Popular Stuff for Trump Supporters!

MUST SEE: Full Color Trump Presidential Coin (limited!)

Hilarious Pro Trump 'You are Fake News' Tee Shirt!

[Exclusive] Get Your HUGE Trump 2020 Yard or House Flag!