U.S. stocks mostly slumped on Wednesday after the Federal Reserve lifted interest rates for the second time this year and the seventh time since beginning its monetary-policy normalization imitative in December of 2015. The policy-setting Federal Open Market Committee lifted the federal-funds rate to a range between 1.75% to 2%, from 1.5% to 1.75%, marking the second rate hike this year and the seventh move since the start of the tightening cycle in December of 2015. The Dow Jones Industrial Average DJIA, -0.16% was down 45 points, or 0.2%, at 25,277, the S&P 500 index SXP, +2.31% fell 4 points, or 0.2%, at 2,782, while the Nasdaq Composite Index COMP, +0.20% climbed 11 points, or 0.1%, at 7,714. Fed Chairman Jerome Powell is slated to hold a news conference at 2:30 p.m. Eastern Time. For a live blog of the Fed decision go here.
Read the full story: Stock market slumps after Fed lifts rates for second time in 2018