Markets Mixed After Hints From Fed

Dow slips 3 as minutes suggest a rate hike is possible
By Newser Editors and Wire Services
Posted May 18, 2016 3:19 PM CDT
Trader John Panin, right, works on the floor of the New York Stock Exchange Wednesday.   (AP Photo/Richard Drew)

(Newser) – Stocks limped to a mixed close Wednesday after the Federal Reserve left open the possibility that it would raise its benchmark interest rate next month. The Dow Jones industrial average slipped 3 points to 17,526, the Standard & Poor's 500 rose a fraction to 2,047, and the Nasdaq composite climbed 23 points, or 0.5%, to 4,739. Meanwhile, bond prices fell, sending long-term interest rates sharply higher. That benefited banks, which could make more money on loans if rates stay higher. JPMorgan Chase jumped 4% and Goldman Sachs rose 3%. Minutes from the Fed's last meeting suggested policymakers may raise rates if the economy continues to improve.

My Take on This Story
Show results without voting  |