Stocks cautiously higher following rate hike, economic data

US stocks dip after Fed decision

Author Nomi Prins, Independent Women’s Forum visiting fellow Mattie Duppler and columnist Liz Peek on why the stock market dipped after the Federal Reserve announced another interest rate hike.

U.S. stocks moved higher on Thursday, following the latest batch of economic data and the Fed’s decision to hike interest rates.

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On Wednesday, the U.S. Federal Reserve moved, as expected, increasing interest rates by 25 basis points.

While the hike was anticipated, the Fed is now looking for a total of four rate hikes in 2018 instead of three. Including Wednesday’s hike, the Fed has increased short-term rates two times in 2018.

Ticker Security Last Change %Chg I:DJI DOW JONES AVERAGES 25190.83 -10.37 -0.04% SP500 S&P 500 2783.66 +8.03 +0.29% I:COMP NASDAQ COMPOSITE INDEX 7758.8757 +63.18 +0.82%

“Not surprised at all that the Fed raised rates, was a little surprised that they hinted further toward a 4th hike by year end,” said John Petrides, of Point View Wealth Mgmt. “I thought they would have pushed that decision later in the summer as we had more data presented.”

On Thursday, the European Central Bank moved as expected to maintain interest rates. The central bank said it expects to end its bond-buying program in December.

Stateside, there was a barrage of economic data released on Thursday, including U.S. retail sales, which increased by 0.8% in May; import prices, which jumped 0.6% in May and  weekly jobless  claims – which dropped by 4,000 to 218,000 while the four-week average of claims fell by1,250 to 224,250.

Commodities were mostly higher.

FOX Business’ Ken Martin contributed to this article.

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