NEW YORK, New York – U.S. sticks dipped on Wednesday, as each of the major indices gave back a small portion of the sharp gains of a day earlier.
The corrective moves followed resolve by the Federal Reserve that indicated after it met, it would continue on with its course for higher interest rates, despite the measure being labelled as “loco,” by President Donald Trump.
“In the past several years there’s been a strong dovish component. Now even the doves are starting to roll over,” Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, in Waltham, Mass told the Reuters Thomson news agency. “The sense of the meeting was more hawkish than investors might have thought.”
“The market doesn’t really know what to think at this point. That’s why we’re seeing these swings,” he added. “With interest rates higher there’s a lot less cushion to smooth away those uncertainties.”
At the close of trading Wednesday, the Dow Jones industrials were down 91.74 points or 0.36% at 25,706.68.
The Standard and Poor’s 500 was little changed, losing 0.71 points or 0.03% to 2,809.21.
The tech-laden Nasdaq Composite lost 2.79 points or 0.04% to 7,642.70.
The U.S. dollar was firmer Wednesday, buoyed by the hawkish Fed.
In early trading on forex markets in Asia on Thursday that weaker tone continued with the euro struggling to hold above the 1.15 mantle. It was trading at 1.1501 at 9:45am Sydney time Thursday.
The British pound softened to 1.3101.
The Japanese yen was weaker at 112.64.
The Swiss franc was quoted at 0.9952.
The Canadian dollar was changing hands at 1.3027, the Australian dollar at 0.7108, and the New Zealand dollar at 0.6538.