U.S. stocks close lower after Fed hikes rates
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E-mail Xinhua, June 14, 2018
NEW YORK, June 13 (Xinhua) -- U.S. stocks closed lower on Wednesday after the Federal Reserve hiked interest rates for 25 basis points as widely expected after its June meeting.
The Dow Jones Industrial Average was down 119.53 points, or 0.47 percent, to 25,201.20. The S&P 500 fell 11.22 points, or 0.40 percent, to 2,775.63. The Nasdaq Composite Index fell 8.09 points, or 0.11 percent, to 7,695.70.
The central bank's move elevates the funds target rate range to 1.75 percent to 2 percent.
Meanwhile, the Nasdaq hit record high in intraday trading as federal judge's ruling to permit AT&T's bid for Time Warner raised valuations for the media industry.
Twenty-First Century Fox advanced 7.48 percent to close at 43.41 U.S. dollars apiece. Online television and film company Netflix rallied 4.43 percent.
On the economic front, the Labor Department said Wednesday Producer Price Index for final demand rose 0.5 percent in May on a seasonally adjusted basis, largely boosted by gasoline price increase. In the 12 months through May, the index increased 3.1 percent, the largest 12-month increase since January 2012. Enditem
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