6/13/2018, 10:01 PM (Source: TeleTrader)
more TeleTrader news

Wall Street closes lower on Fed's interest rate hike

Markets on Wall Street closed mostly in the red on Wednesday following the Federal Reserve's decision to raise interest rates by 0.25 points. The central bank also said that it expects two more rate hikes before the end of the year. The governor of the American central bank Jerome Powell stated that steady economic growth, with a rise in household spending, contributes to a favorable growth outlook. He also noted that tax cuts are expected to result in an increase in productivity and investments, and said that a 3% growth is "reasonable" to expect. Earlier in the day, US Bureau of Labor Statistics reported the Producer Price Index (PPI) for final demand in the United States to be 0.5% higher in May.

The Dow Jones Industrial Index finished 0.47% lower. Verizon was the worst performer, losing 2.89%. The S&P 500 declined 0.40% at the closing bell, with tax company H&R Block losing 17.94%.

The Nasdaq 100 turned flat from the green territory shortly before the trading session ended. Twenty-First Century Fox shares Class A and B both gained upwards of 7%.

The euro advanced 0.39% against the dollar, selling for $1.1791 at 10:03 pm CET.

Breaking the News / NI