Economy

U.S. stocks turn lower after Fed decision

U.S. stocks turn lower after Fed decision”

As expected, it said it would begin in October to reduce its approximately $4.2 trillion in holdings of U.S. Treasury bonds and mortgage-backed securities by initially cutting up to $10 billion each month from the amount of maturing securities it reinvests.

The Dow Jones Industrial Average fell 53.36 points, or 0.24 percent, to 22,359.23, the S&P 500 lost 7.64 points, or 0.30 percent, to 2,500.6 and the Nasdaq Composite dropped 33.35 points, or 0.52 percent, to 6,422.69.

The Fed left rates unchanged for now, as was widely anticipated, but investors' expectations changed for December after the USA central bank signaled one more rate hike by year-end despite recent weak inflation readings. The S&P 500 gained 2.78 points, or 0.11 per cent, to 2,506.65, hitting its fifth record closing high in the last six sessions.

In her subsequent press conference, Fed Chair Janet Yellen said the process of winding down the balance sheet would be gradual and predictable.

U.S. President Donald Trump opened the door to blacklisting people and entities doing business with North Korea, further tightening the screws on Pyongyang's nuclear and missile programs.

On the United States economic front, the Labor Department recently released a report showing an unexpected decrease in initial jobless claims in the week ended September 16th.

The continued decrease surprised economists, who had expected jobless claims to climb to 300,000 from the 284,000 originally reported for the previous week.

Shares in the tech giant fell 1.16%, after the company said on Wednesday it was working to fix "connectivity" issues in the watch, which is created to link to mobile networks. That was the lowest level since August 2016. In theory, that could also make stocks slightly less attractive investments.

Stocks survived a mild selloff following today's Fed policy announcement to edge higher, propelling the Dow and S&P to close again at record highs - the ninth straight session of gains for the Dow.

OIL: Benchmark U.S. crude added 35 cents to $50.25 per barrel on the New York Mercantile Exchange.

Biotechnology and tobacco stocks also saw some weakness on the day, while most of the other major sectors showed more modest moves.

Japan's Nikkei 225 was flat at 20,298.80 and South Korea's Kospi edged down 0.1 percent to 2,413.63.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Thursday.

Financial stocks have been on a tear in recent days as investors anticipated Fed commentary on rate hikes, which tend to help bank profits. The Nasdaq Composite fell five points, or 0.08%, to 6,456, with Apple Inc (AAPL.O) as its biggest drag.



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