Stock market opens flat, but fights to bounce back after rising rates rattle Wall Street

U.S. stocks opened little changed to slightly higher on Wednesday as investors wrestled with rising rates, with bond yields holding at multiyear peaks after surging on Tuesday on brisker-than-expected retails sales and manufacturing.

The Dow Jones Industrial Average was trading flat, up less than 0.1% at 24,711 after halting an eight session rally Tuesday as investors were spooked by the climb in the 10-year Treasury note to the highest level since 2011 above 3% on Tuesday. on Wednesday rates mostly held their ground as investors digested the recent moves in government paper.

The S&P 500 index advanced slightly, picking up 0.1% at 2,714, while the Nasdaq Composite Index rose about 0.1% to 7,358.

Source: marketwatch

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U.S. stocks close slightly lower after Fed raises rates and maintains outlook

U.S. stocks ended with slight losses on Wednesday, as investors digested an interest-rate hike and the latest commentary from the Federal Reserve.

Based on preliminary figures, the Dow Jones Industrial Average fell 45 points, or 0.2%, to 24,682. The S&P 500 lost 5 points to 2,712, a decline of 0.2%. The Nasdaq Composite Index slipped 19 points, or 0.3%, to 7,345.

Trading was volatile after the Fed’s statement and a subsequent press conference by Chairman Jerome Powell, with major indexes fluctuating between positive and break-even territory.

The U.S. central bank raised interest rates for the sixth time since the end of 2015, as had been widely expected, and it stuck to its prior forecast of three rate hikes in 2018. Some investors had expected a more aggressive pace, with four hikes this year. However, the outlook for 2019 did move up; the Fed expects three rate hikes in 2019, rather than two.

A standout of the day was the Russell 2000 which rose 0.8%, easily outperforming the other major indexes. The index of small-capitalization shares was seen as supported by its heavier weighting toward financial stocks, which benefit from environments with higher rates. The Financial Select Sector SPDR rose 0.6%.

Source: Marketwatch

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Hong Kong stocks open lower on fresh Fed rates worries

Hong Kong stocks dropped in line with most other Asian markets on Wednesday morning, following sharp losses in Wall Street after the head of the Federal Reserve revived worries about a sharp increase in interest rates.

The Hang Seng Index fell 0.74 percent, or 231.25 points, to 31,037.41 in early trade.

And the benchmark Shanghai Composite Index dropped 0.85 percent, or 28.01 points, to 3,264.06, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.79 percent, or 14.37 points, to 1,794.55.

Source: AFP

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