On Wednesday US Stocks went lower after the Fed news conference. Stocks closed lower and gave any earlier profits, while remarks from Federal Reserve Chairman Jerome Powell following a monetary policy statement sent interest rates lower and bank stocks along with them.
Powell said to reporters, following the Fed announcement that it increased rates for the third time this year he does not see inflation surprising to the upside, noting: "It's not in our forecasts."
The comment sent rates lower with bank stocks. The 10-year Treasury note yield fell to about to 3.06%. Shares of Bank of America, Citigroup, and J.P. Morgan fell more than 0.9%. The Nasdaq Composite went down 0.2% to 7,990.37. The Dow Jones Industrial Average fell 106.92 points to 26,385.27, while the S&P 500 declined 0.3% to 2,905.97.
The Federal Open Market Committee increases Interest Rates
Daily Analysis - 27/09/2018