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Stocks on Wall Street ended lower in choppy trade after the Federal Reserve raised its benchmark interest rate to fight inflation and signaled more rate hikes to come.
As expected, the central bank raised its key short-term interest rate by half a percentage point on Wednesday, its seventh hike this year. The Fed also said it expected more rate hikes in the coming years than previously thought.
The S&P 500 fell 0.6 percent after giving up an earlier gain of 0.9 percent. The Dow Jones Industrial Average fell 0.4 percent and the Nasdaq Composite lost 0.8 percent.
on Wednesday:
The S&P 500 fell 24.33 points, or 0.6%, to 3,995.32.
The Dow Jones Industrial Average fell 142.29 points, or 0.4%, to 33,966.35.
The Nasdaq fell 85.93 points, or 0.8%, to 11,170.89.
The Russell 2000 index of small companies fell 11.91 points, or 0.6%, to 1,820.45.
for week:
The Standard & Poor’s 500 index rose 60.94 points, or 1.5%.
The Dow rose 489.89 points, or 1.5%.
The Nasdaq rose 166.27 points, or 1.5%.
The Russell 2000 rose 23.79 points, or 1.3%.
For this year:
The S&P 500 fell 770.86 points, or 16.2%.
The Dow fell 2,371.95 points, or 6.5%.
The Nasdaq fell 4,474.08 points, or 28.6%.
The Russell 2000 lost 424.86 points, or 18.9%.
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