News Formal

Stocks recover from early losses after Fed rate hike

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The local stock market managed to recover early losses to close almost flat as the US Federal Reserve’s rate hike was as expected.

The main index shed 1.21 points or 0.02 percent to close at 6,677.92 with sectoral indices evenly divided. Volume declined to 480 million shares worth P3.83 billion as gainers outpaced losers 89 to 73 with 57 unchanged.

He added that, “Remarks from Chair Jerome Powell hinted the central bank could also hold rates steady at these levels, and suggested that the FOMC will remain data-dependent.“ “At home, Moody’s Investors Service’s statement that the slow pace of investment growth in the country could affect economic growth also added to concerns,” he noted.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks advance cautiously ahead of central bank rate movesNEW YORK , United States - European and US stocks mostly made cautious advances on Tuesday as investors awaited central bank rate decisions, while stimulus pledges by Chinese leaders dominated Asian trading.
Source: manilabulletin - 🏆 25. / 51 Read more »

Stocks up on late buyingThe PSEi added more points on late bargain hunting as investors cheered the latest earnings reports in the US and by local firms.
Source: manilabulletin - 🏆 25. / 51 Read more »