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% 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% and Snowflake up 2.8%. Shopify took on 6.1% and Twilio gained 8%.
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