US Markets Shrug Off Fed Report, End Mostly Lower
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2019-03-21 HKT 04:29
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US stocks got a brief lift on Wednesday from the news that the Federal Reserve doesn't plan to raise rates this year, but still closed mostly lower after those gains faded.
Bond prices rose sharply after the Fed forecast slower economic growth. That sent bond yields down to the lowest they've been in more than a year.
The Fed said it will stop shrinking its bond portfolio in September, which will help hold down long-term interest rates.
Banks fell as the outlook for higher rates dimmed.
The S&P 500 fell 0.3 percent to 2,824.
The Dow Jones Industrial Average lost 0.5 percent to 25,745. The Nasdaq edged up 0.1 percent to 7,728. (AP)
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