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US stocks close lower, failing to recover from losses after Fed rate hike

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Sep 23, 2022 - 12:53 AM

ANKARA (AA) – US stocks closed lower Thursday, failing to recover from the previous day’s losses when the Federal Reserve made a rate hike of 75 basis points for a third straight time.

The Dow lost 107 points, or 0.35%, to finish the day at 30,076. The S&P 500 fell almost 32 points, or 0.84%, to 3,757.

The tech-heavy Nasdaq plummeted 153 points, or 1.37%, to end the session at 11,066.

All indexes shed around 1.7% Wednesday after the Fed’s much-anticipated September meeting.

The Fed also lowered the US economic growth forecast and raised its terminal rate — the peak spot where the federal funds rate is expected to climb before being trimmed — above 4% for 2022 and 2023, according to projections materials.

Chair Jerome Powell said the median for year-end projections suggests a total of 125 basis points, or 100 basis points, of interest rate increases for the remainder of the year, but noted that Fed officials did not vote on that decision during the meeting.

The VIX volatility index, also known as the fear index, fell 2.6% to 27.25. The 10-year US Treasury yield soared 5.46% to 3.704%.

The dollar index rose 0.56% to 111.26, near its highest in 20 years, while the euro was flat at $0.9836 against the greenback.

Precious metals were mixed with gold falling 0.1% to $1,672, but silver rising 0.33% to $19.63.

Oil prices were up around 0.6%. Global oil benchmark Brent crude was trading at $90.39 a barrel for a 0.62% gain. US benchmark West Texas Intermediate was around $83.50 – up 0.68%.

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