February 26, 2018

Global Stocks Pull Back After Fed Rate Rise

16 June 2017, 06:29 | Frank Carlson

Wall St set to open flat as Fed rate decision looms

The big Fed decision plus economic data: Here's what will drive the market on Wednesday

USA stocks edged down at the close after the USA central bank raised interest rates for the second time this year.

U.S. retail sales declined by 0.3% in May compared with the previous month, amid falling petrol prices and lower demand for other goods.

The Standard & Poor's 500 index declined 5.46 points, or 0.2 percent, to 2,432.46.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.

"It's a Fed day and the markets will likely not blink an eye as the FOMC raises rates by 25 basis points", said Peter Cardillo, chief market economist at First Standard Financial in NY.

"I think some Fed members are going to be skeptical about raising rates for the third time later this year, but I don't think they will step up and say they shouldn't be doing it today".

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The Fed clearly outlined a plan to reduce its US$4.2-trillion (RM17.89-trillion) portfolio of Treasury bonds and mortgage-backed securities, most of which were purchased in the wake of the 2007-2009 financial crisis and recession.

The Dow Jones Industrial Average began the session down 87 points, or 0.4%, at 21,285. The Nasdaq Composite was down 65 points, or 1.1%, to 6,129. The stocks provided the biggest boost to the S&P and the Dow.

The Dow is up 56.50 points, or 0.3 percent. The stock provided the biggest boost to the S&P and the Dow.

Facebook, Mircosoft and Alphabet, which had been hit hard by a selloff in the tech sector earlier this week, rose for the second straight day.

H&R Block rose 7.9 per cent after the tax preparation service's quarterly revenue and profit beat analysts' expectations. On the Nasdaq, 1,578 issues fell and 1,069 advanced.

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