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22 March, 2019 00:00 00 AM
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Dow, S&P 500 end negative after dovish Fed decision

AFP, New York

Wall Street finished a volatile session mostly negative on Wednesday after a dovish Federal Reserve signaled it expects no interest rate hikes in 2019. The Dow Jones Industrial Average ended down 0.6 per cent at 25,745.67. The broad-based S&P 500 dropped 0.3 per cent to 2,824.23, while the tech-rich Nasdaq Composite Index edged up 0.1 per cent to 7,728.97.

Stocks rallied shortly after the Fed kept interest rates unchanged and released a forecast for no interest rate hikes in 2019, a shift from an earlier projection of two increases this year.

But stocks pulled back after a press conference at which Fed Chair Jerome Powell emphasized that the US economy remained solid, even as the central bank trimmed its growth outlook for 2019.

Briefing.com analyst Patrick O'Hare described the market's initial surge as a knee-jerk reaction to a dovish central bank that investors later rethought.

The Fed's dovishness "invites some concerns about what it really implies about the global economic outlook," O'Hare told AFP. It raises the possibility "that US economy will disappoint," he said, adding that low interest rates could depress bank lending. Cresset Wealth Advisors' Jack Ablin said the retreat in US stocks showed "investors are beginning to infer that the global economic slowdown is washing up on our shores."

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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