Stocks quickly reversed their midday gains at the conclusion of the Fed meeting
Stocks staged a quick turnaround from their midday gains, pivoting lower after the conclusion of the Federal Reserve meeting. The Fed announced a 50 basis-point rate hike, bringing its benchmark interest rate to its highest level in 15 years, following four consecutive rate hikes of 75 basis points.
In his post-meeting presser, Fed Chairman Jerome Powell hinted at more rate hikes next year as the ongoing effort to fight inflation continues. All three major benchmarks finished lower, though far off their session lows, as the Dow was down over 400 points directly following the decision.
Continue reading for more on today's market, including:
5 Things to Know Today
- Elon Musk has reportedly stopped paying rent on Twitter offices, and is considering halting severance payments to former workers who were laid off after his acquisition. (The New York Times)
- It was an extremely rough year for U.S. bond yields, though 2023 could get better according to strategists. (MarketWatch)
- What sent this biotech stock soaring.
- Momentum is leveling out for these two casino stocks.
- Procter & Gamble stock hasn't had a losing week since early November.
no earnings of note today.
Oil Rises for Third-Straight Day
Oil prices rose for the third day, after International Energy Agency raised its forecasts for oil demand growth. West Texas Intermediate (WTI) crude for January delivery added $1.89, or 2.5%, to settle at $77.28 a barrel on the New York Mercantile Exchange.
Gold prices fell lower today following yesterday's surge. February-dated gold dropped $6.80, or 0.4%, to settle at $1,818.70 per ounce.