Technology and communication services stocks led the market's sell-off. Microsoft fell 2.8% and Google parent Alphabet was down 4.3%.
The Fed raised its short-term interest rate by half a percentage point on Wednesday, its seventh increase this year. Central banks in Europe followed along Thursday, with the European Central Bank, Bank of England and Swiss National Bank each raising their main lending rate by a half-point Thursday. European stocks fell sharply, with Germany's DAX dropping 3.3%.
The yield on the two-year Treasury, which closely tracks expectations for Fed moves, rose to 4.26% from 4.21% late Wednesday. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.45% from 3.48%.
What they really mean is tame retail investors.
Thanks again Joe “the big guy” Biden
We were better with Trump
At this point the stock market is the largest useless Vegas Casino, & the federal reserve a fool. I'm tired of this crap....
Inflation is 7.1%. Still near a record 40 year high.
Yeah, aggressively STUPID, which is par for Bananas Biden and Horrible Harris (bottom of the class honors}.
I would hope interest reaches 5%. It's not even 4% yet.
How can the Federal Reserve signal it will be aggressive, when they only increased the interest rate by 05%?
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