U.S. stocks close mixed amid Fed announcement
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E-mail Xinhua, March 21, 2019
NEW YORK, March 20 (Xinhua) -- U.S. stocks ended mixed on Wednesday amid the Federal Reserve's latest monetary policy announcement.
The Dow Jones Industrial Average slid 141.71 points, or 0.55 percent, to 25,745.67. The S&P 500 was down 8.34 points, or 0.29 percent, to 2,824.23. The Nasdaq Composite Index was up 5.02 points, or 0.07 percent, to 7,728.97.
Six of the 11 primary S&P 500 sectors closed lower, with financials sinking more than 2 percent, leading the laggards among the groups. Communication services rose 1.16 percent, outperforming others.
The U.S. Federal Reserve on Wednesday left interest rates unchanged after concluding a two-day policy meeting, in a move that met market expectations and reflected the central bank's patient approach regarding monetary policy changes.
The stocks pared their early losses and turned positive shortly after the announcement as traders cheered the Fed's more accommodative policy stance, however, not all major indexes managed to secure their gains at the close as the Fed's announcement also dragged down Treasury yields, pushing bank shares lower.
Shares of FedEx dipped 3.49 percent at the close, rebounding from its lows of the session. The U.S. package delivery service company reported its fiscal third-quarter results after Tuesday's close, with both earnings per share and revenue below expectations.
The company, widely viewed as a bellwether of economic activity, also cut its full-year earnings guidance for the second time since December, citing weaker global trade growth. Enditem
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