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Stocks Dip After Fed Rate Hike

While dollar and bond yields rise
By Newser Editors and Wire Services
Posted Dec 14, 2016 3:15 PM CST

(Newser) – Stocks fell Wednesday after the Federal Reserve raised interest rates on the back of a strengthening job market and surprised investors by increasing its forecast for rate hikes next year, the AP reports. The dollar and bond yields rose sharply. Utilities, real-estate investment trusts, and other high-dividend stocks at risk of defection by income investors heading back to bonds fell more than the rest of the market. Energy stocks dropped with the price of oil.

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The Dow Jones industrial average fell 71 points, or 0.4%, to 19,838. The Standard & Poor's 500 index was down 12 points, or 0.6%, at 2,259. The Nasdaq composite gave up 10 points, or 0.2%, to 5,453. Three stocks fell for every one that rose on the New York Stock Exchange. (Read more stock market stories.)

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