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

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

US: S&P 500 hits record high on upbeat consumer spending, earnings optimism[NEW YORK] The S&P 500 hit an all-time high for the first time since late September on Monday, buoyed by upbeat consumer spending data and a largely positive earnings that helped restore investors' faith in the decade-long bull run. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

US: S&P 500, Nasdaq end at records on solid growth, earnings[NEW YORK] The S&P 500 and Nasdaq finished at fresh records on Friday following strong US economic growth data, amid relief at better-than-expected corporate earnings. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »