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U.S. stocks slump Wednesday afternoon following rate decision, TSX little changed

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TORONTO — Weakness in energy and mining stocks outweighed strength elsewhere on Canada's main stock index Wednesday, which lost just a handful of points, while U.S. markets fell near the end of the day after the U.S.

Fed chair Jerome Powell said at a news conference Wednesday afternoon that he thinks the end is near for rate hikes, but the job on getting inflation down is not done.

In New York, the Dow Jones industrial average was down 76.85 points at 34,440.88.The S&P 500 index was down 41.75 points at 4,402.20,while the Nasdaq composite was down 209.06 points at 13,469.13.The U.S. Federal Reserve's widely expected rate hold was accompanied by hawkish comments on the future of interest rates and higher growth projections for the U.S. economy, said Ian Chong, portfolio manager for First Avenue Investment Counsel Inc.

The Fed now projects 2.1 per cent growth this year, up from its June forecast of one per cent, and 1.5 per cent in 2024, up from 1.1 per cent.“There’s some bullish data forecasts that the Fed is putting forward.”

 

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