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US Stocks Close Mixed Amid Fed Announcement


21 March 2019

OMMCOM NEWS


New York: US stocks ended mixed amid the Federal Reserve's latest monetary policy announcement.

The Dow Jones Industrial Average on Wednesday slid 141.71 points, or 0.55 per cent, to 25,745.67. The S&P 500 was down 8.34 points, or 0.29 per cent, to 2,824.23, Xinhua news agency reported.

The Nasdaq Composite Index was up 5.02 points, or 0.07 per cent, to 7,728.97.

Six of the 11 primary S&P 500 sectors closed lower, with financials sinking more than 2 per cent, leading the laggards among the groups. Communication services rose 1.16 per cent, outperforming others.

The US Federal Reserve on Wednesday left interest rates unchanged after concluding a two-day policy meeting, in a move that met market expectations and reflected the central bank's patient approach regarding monetary policy changes.

The stocks pared their early losses and turned positive shortly after the announcement as traders cheered the Fed's more accommodative policy stance, however, not all major indexes managed to secure their gains at the close as the Fed's announcement also dragged down Treasury yields, pushing bank shares lower.

Shares of FedEx dipped 3.49 per cent at the close, rebounding from its lows of the session. The US package delivery service company reported its fiscal third-quarter results after Tuesday's close, with both earnings per share and revenue below expectations.

The company, widely viewed as a bellwether of economic activity, also cut its full-year earnings guidance for the second time since December, citing weaker global trade growth.

(IANS)