NEW YORK: Wall Street stocks closed lower Wednesday after the US Federal Reserve ended its quantitative easing stimulus program, but said it would continue to keep its benchmark interest rate low.
The Dow Jones Industrial Average declined 31.44 points (0.18 percent) to 16,974.31.
The broad-based S&P 500 dipped 2.75 (0.14 percent) to 1,982.30, while the tech-rich Nasdaq Composite Index fell 15.07 (0.33 percent) to 4,549.23.
The Fed, as expected, declared the end of six years of asset purchases to shore up economic growth.
The Fed also said it would not raise interest rates for “a considerable time” after the end of the QE program, sticking to its timetable of an increase well into 2015.
The Fed’s policy statement cited improving labor market conditions and expressed little concern about low inflation, elements that led some analysts to characterize it as more hawkish than expected.
“The Fed is positioning itself, but it hasn’t take the decision” to raise rates, said Gregori Volokhine, president of Meeschaert Capital Markets.
“It’s action still depends on how the economy performs.”
Facebook tumbled 6.1 percent after chief executive Mark Zuckerberg pledged to keep “investing aggressively” in growth, a statement that raised concerns about excessive spending. The company’s third-quarter net income soared to US$806 million from US$425 million last year.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
