U.S. stocks finished mixed after the head of the Federal Reserve said the cuts to interest rates that Wall Street craves so much are still likely, even if they’re delayed because of stubbornly high inflation
U.S. stocks swung to a mixed finish Wednesday after the head of the Federal Reserve said the cuts to interest rates that Wall Street craves so much are still likely, even if they're delayed because of stubbornly high inflation. The Standard & Poors 500 fell 17.30 points, or 0.3%, to 5,018.39 after the Fed held its main interest rate at its highest level since 2001, just as markets expected. The index had rallied as much as 1.
“Yet, before markets get overly excited, it’s worth remembering that the Fed is responding to the unfolding economic data, just as we all are,” said Seema Shah, chief global strategist at Principal Asset Management. 'The next few months of data are pivotal for the Fed path.' Without the benefit of easing rates, companies will need to deliver better profits to support their stock prices. CVS Health tumbled 16.8% after reporting weaker results for the latest quarter than analysts expected.
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