Dow Bruised for Second Straight Day
The Dow Jones Industrial Average fell for a second day as investors digested the Federal Reserve’s latest policy update, where it moved up its timeline for interest rate hikes and forecast higher inflation.
The 30-stock index dumped 210.22 points to close Thursday at 33,823.45, weighed down by 3{144f68ac4ecc1edec14c4f3869e0ee83d6cd3317dcfb7aededc0da78b8f74bc8} losses in Dow Inc. and Caterpillar as most commodity prices took a hit.
The S&P 500 dipped 1.84 points to 4,221.86
The NASDAQ gained 121.67 points to 14,161.35, as investors huddled in some Big Tech stocks with Tesla up 1.9{144f68ac4ecc1edec14c4f3869e0ee83d6cd3317dcfb7aededc0da78b8f74bc8} and Snowflake up 2.8{144f68ac4ecc1edec14c4f3869e0ee83d6cd3317dcfb7aededc0da78b8f74bc8}. Shopify took on 6.1{144f68ac4ecc1edec14c4f3869e0ee83d6cd3317dcfb7aededc0da78b8f74bc8} and Twilio gained 8{144f68ac4ecc1edec14c4f3869e0ee83d6cd3317dcfb7aededc0da78b8f74bc8}.
Materials-related stocks led the losses as the Fed’s move to eventually raise rates, along with a current campaign by China to tamp down metals prices, took the air out of a surge in commodity prices this year.
The closely-watched Federal Reserve meeting Wednesday spurred a selloff in equities after the … Read the rest