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US-STOCKS-MARKET
Wall Street ends mostly lower as Fed holds fire
NEW YORK, Nov 9, 2018 (BSS/AFP) – US stocks ended split on Thursday
afternoon, eating into gains from Wednesday’s post-election relief rally
while the Federal Reserve left interest rates untouched.
Oil prices also closed in a bear market, down more than 20 percent from a
peak last month, which weighed on petroleum industry stocks.
The benchmark Dow Jones Industrial Average, which had bounced in and out
of the red during the day, finished essentially flat, moving a fraction into
positive territory by the closing bell to 26,190.88.
The broader S&P 500 fell 0.3 percent to finish the day at 2,806.83, while
the tech-heavy Nasdaq sank 0.5 percent to 7,529.92.
Wall Street had gained about two percent the day before as investors
absorbed the split decision from this week’s key congressional elections —
which analysts say means there is little chance of major a rollback of
business-friendly tax cuts and regulations.
“A lot of traders have taken a step back following the post-election
surge,” said Ken Berman of Gorilla Trades.
Art Hogan of B Riley FBR told AFP investors might have been disappointed
the Fed’s commentary had still pointed to further “gradual” interest rate
hikes.
Markets expect the Fed to raise the key rate for the fourth time this year
at the December meeting, but moves in 2019 remain in doubt.
Dow members Exxon and Chevron fell 1.6 percent and 1.2 percent,
respectively, dragged lower by the weakening oil prices.
Meanwhile Disney closed down 0.8 percent, shortly before reporting a surge
in income driven by a jump in revenues at its movie studios.
Drop Box fell 1.2 percent ahead of its earnings release.
BSS/AFP/HR/0940