US stocks close lower after Fed rate decision
NEW YORK (AP) - Stock indexes are closing lower on Wall Street after a getting a brief boost Wednesday from the Federal Reserve’s decision to leave interest rates unchanged at nearly zero.
The central bank also issued a less dire outlook for economic growth and unemployment.
The S&P 500 was down 0.5% after having been up 0.6% following the 2 p.m. Eastern Fed announcement.
Technology stocks led the slide, outweighing gains in financial, industrial and energy companies.
Package delivery giant FedEx surged after the boom in online shopping during the pandemic drove stronger profit growth than expected in its latest quarter.
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