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US stocks fall after Fed announcement as S&P 500 record streak ends

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NEW YORK: Wall Street stocks finished lower on Wednesday (May 1) after the Federal Reserve kept interest rates unchanged, while Apple surged on ...

The Dow Jones Industrial Average dropped 162.77 points to 26,430.14.The broad-based S&P 500 tumbled 22.10 points to 2,923.73, ending a three-day streak of new records, while the tech-rich Nasdaq Composite Index shed 45.75 points to 8,049.64.

The Fed, as expected kept interest rates unchanged, describing the labour market as"strong," while highlighting a slowdown in investment by businesses and households and inflation.But stocks began pulling back after Fed Chair Jerome Powell said in a news conference that low inflation appeared"to be transient or idiosyncratic," a comment that analysts said suggested the US central bank would not soon cut interest rates.

Tech giant Apple surged 4.9 per cent as it reported better-than-expected quarterly results with gains in services helping to offset slumping iPhone sales.Other companies with gains after earnings included food company Mondelez, which rose 1.6 per cent, Hilton Worldwide, up 6.5 per cent, and CVS Health, up 5.4 per cent.

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