US stocks go flat, dollar gains after Fed statement

GMT 18:59 2015 Wednesday ,28 October

Arab Today, arab today US stocks go flat, dollar gains after Fed statement

The New York Stock Exchange is seen in the background of this Wall Street sign
New York - AFP

Wall Street stocks gave up gains and the dollar advanced against the euro Wednesday after the US Federal Reserve hinted an interest rate hike was still possible in 2015.

Near 1835 GMT, the Dow Jones Industrial Average was at 17,580.09, down 1.34 points (0.01 percent) at 17,580.09.

The broad-based S&P 500 was up 0.69 (0.03 percent) at 2,066.58, while the tech-rich Nasdaq Composite Index lost 1.56 (0.03 percent) at 5,028.58.

Stocks had been firmly positive shortly before the Fed's 1800 GMT policy statement.

The euro traded at $1.0918, down from $1.1071 before the statement's release.

The Fed kept its near-zero interest rate unchanged, but dropped its reference to the slow global economy posing a threat to US activity.

The policy statement appeared to increase the possibility that the Federal Open Market Committee could embark on a series of rate hikes as early as December, after keeping the fed funds rate at the zero level since the end of 2008.

The Fed statement "sounds hawkish," said Joe Manimbo, senior market analyst at Western Union Business Solutions.

"The cool and composed tone to the Fed's statement suggested fewer impediments to a rate hike in the months ahead, keeping December or sometime early next year in play."


Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab