US Close 27 Sep 18: US stocks capitulate after US rate rise

US sharemarkets fell on Wednesday, giving up earlier gains after the FOMC raised interest rates. The Dow Jones index had traded up by 114 points during the session, but comments by Fed Chair Jerome Powell in his press conference signalling that he did not see inflation surprising to the upside, "It's not in our forecasts", sent bond yields lower. Shares of JPMorgan, Bank of America and Citigroup all fell by more than 1%. The Dow Jones index finished lower by almost 107 points or 0.4%. The S&P 500 index fell 0.3% and the Nasdaq index fell 17 points or 0.2%

 

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