Markets Right Now: Stocks fall further after Fed rate cut
NEW YORK (AP) — The latest on developments in financial markets (all times local):
2:50 p.m.
Stocks are dropping after the Federal Reserve cuts its benchmark interest rate for a second time this year but didn't provide investors with concrete clues about what the future holds.
The Dow Jones Industrial Average went from a loss of 58 points just before the cut was announced to a loss of 200 points at 2:47 p.m.
The market expected the quarter-point cut to the federal funds rate, which influences many consumer and business loans. But three of the 10 voting officials dissented from the decision, and the Fed looks divided on what to do next. That ambiguity may have displeased investors on Wall Street.
The S&P 500 was down 0.9% to 2,979. Even with the decline, the benchmark index remains within 1.6% of its all-time high set in July.
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11:50 a.m.
Stocks are lower at midday on Wall Street Wednesday ahead of the Federal Reserve's latest decision on interest rates.
Investors are expecting a small cut to rates and will be watching for any clues about what the Fed does next.
Bank stocks are falling after the yield on the 10-year Treasury dropped to 1.75% from 1.81%. Bank of America fell 1%.
FedEx dropped 13.8% after the shipping company lowered its profit forecast for the rest of its fiscal year.
The Dow Jones Industrial Average fell 79 points, or 0.3%, to 27,031.
The S&P 500 is down 9 points, or 0.3%, to 2,996. The Nasdaq dropped 29 points, or 0.4%, to 8,156.
Oil is falling for a second straight day. U.S. oil is down 1.6% to $58.39 a barrel
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9:45 a.m.
Stocks are opening with modest losses on Wall Street Wednesday ahead of the Federal Reserve's latest decision on interest rates.
Investors are expecting a small cut to rates and will be watching for any clues about what the Fed does next.
Bank stocks are falling after the yield on the 10-year Treasury dropped to 1.77% from 1.81%. Bank of America fell 0.7%.
FedEx dropped 12.7% after the shipping company lowered its profit forecast for the rest of its fiscal year.
The Dow Jones Industrial Average fell 57 points, or 0.2%, to 27,053.
The S&P 500 is down 8 points, or 0.3%, to 2,997. The Nasdaq dropped 22 points, or 0.3%, to 8,163.
Oil is falling for a second straight day. U.S. oil is down 1.7% to $58.31 a barrel.
