U.S. stocks closed mixed Wednesday, with the Dow closing at a record high, as the Federal Reserve raised the benchmark interest rate by 25 basis points, the third such increase in 2017.
The Dow Jones Industrial Average gained 80.63 points, or 0.33 percent, to 24,585.43. The S&P 500 fell 1.26 points, or 0.05 percent, to 2,662.85. The Nasdaq Composite Index increased 13.48 points, or 0.20 percent, to 6,875.80.
After the conclusion of its two-day policy meeting, the Fed announced Wednesday afternoon that in view of realized and expected labor market conditions and inflation, the central bank decided to raise the target range for the federal funds rate to 1.25 to 1.50 percent.
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Fed will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation.
The central bank officials still envisioned three more rate hikes in 2018, unchanged from their forecast in September, according to the latest quarterly projections released on Wednesday.
The central bank also raised its GDP estimate from 2.1 percent in September to 2.5 percent.
On the economic front, the Consumer Price Index (CPI) for all urban consumers rose 0.4 percent in November on a seasonally adjusted basis, in line with market consensus, the U.S. Labor Department reported Wednesday. Over the last 12 months, the all items index rose 2.2 percent.
The index for all items less food and energy (core CPI) increased 0.1 percent in November, and it rose 1.7 percent over the last 12 months.
The Dow Jones Industrial Average gained 80.63 points, or 0.33 percent, to 24,585.43. The S&P 500 fell 1.26 points, or 0.05 percent, to 2,662.85. The Nasdaq Composite Index increased 13.48 points, or 0.20 percent, to 6,875.80.
After the conclusion of its two-day policy meeting, the Fed announced Wednesday afternoon that in view of realized and expected labor market conditions and inflation, the central bank decided to raise the target range for the federal funds rate to 1.25 to 1.50 percent.
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Fed will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation.
The central bank officials still envisioned three more rate hikes in 2018, unchanged from their forecast in September, according to the latest quarterly projections released on Wednesday.
The central bank also raised its GDP estimate from 2.1 percent in September to 2.5 percent.
On the economic front, the Consumer Price Index (CPI) for all urban consumers rose 0.4 percent in November on a seasonally adjusted basis, in line with market consensus, the U.S. Labor Department reported Wednesday. Over the last 12 months, the all items index rose 2.2 percent.
The index for all items less food and energy (core CPI) increased 0.1 percent in November, and it rose 1.7 percent over the last 12 months.
Latest comments