Stock market today: Wall Street turns lower after Fed hints at more rate hikes
Stocks turned lower on Wall Street after the Federal Reserve suggested that it may raise interest rates two more times this year, even though it kept rates steady on Wednesday NEW YORK -- Stocks turned lower on Wall Street after the Federal Reserve suggested that it may raise interest rates two more times this year, even though it kept rates steady on Wednesday. Treasury yields rose sharply. The S &P 500 was down 0.7% after being modestly higher before the Fed’s announcement. The index had been riding a winning streak to its best level since April 2022. The Nasdaq fell 0.6% and the Dow Jones Industrial Average lost 349 points, or 1%. The high rates the Fed is using to fight inflation do so by slowing down much of the economy. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks are drifting higher Wednesday, as Wall Street waits to hear what the Federal Reserve’s latest economy-moving decision will be on interest rates. The S &P 500 was 0.3% higher in aftern...