Tech drags Wall St lower; financials buoy Dow

Tech drags Wall St lower; financials buoy Dow

Tech drags Wall St lower; financials buoy Dow

The hike will push interest rates above 1 percent for the first time since the immediate aftermath of the collapse of Lehman Brothers in 2008.

Stocks continued to report losses following the Fed's announcement it will increase its federal funds rate and also reduce its balance sheet which will begin to slightly increase fixed-income product yields.

"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.

The Dow Jones Industrial Average (DJIA- 21,374.56) briefly lost steam after the Fed announcement, but shot higher in the final minutes of trading, touching an all-time high of 21,391.97.

The headline rate of CPI dipped by 0.1% in May when compared to the month before, while the annual pace of advance declined from 2.2% in April to 1.9% for May, according to the Bureau of Labor Statistics.

The S&P 500 was down 1.67 points, or 0.07 percent, at 2,438.68 and the Nasdaq Composite was up 3.90 points, or 0.06 percent, at 6,224.27.

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. However, defensive sectors such as utilities rose. By the close, the Dow was up 46.1 points, or 0.2%.

DUP to support minority Tory government after 'confidence and supply' deal reached
Under the terms of the power-sharing deal if a unionist is First Minister, a nationalist must serve as Deputy First Minister. At a press conference today, DUP leader Arlene Foster was vague about a working relationship with May's Conservatives.

However, Cardillo said the market seemed "unfazed" by the shooting.

The Nasdaq is up 12.45 points, or 0.2 percent.

Exxon and Chevron were the top drags on 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.

The Russell 2000 is down 11.62 points, or 0.8 percent.

Kroger Co (KR) was the top decliner on the S&P 500, falling by almost 12%. August-dated gold futures fell $21.30, or 1.7%, to settle at $1,254.60 an ounce.

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