Stocks fell Friday as investors digested the outcome of the Federal Reserve’s November policy meeting while looking to the potential for future rate hikes.
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While the Fed move was expected, and it announced Thursday that it would maintain rates at the conclusion of the meeting, the Fed also offered a strong assessment of the economy, suggesting a rate hike in December is on course.
The announcement, made in the final hours of trading, took the air out of Thursday’s rally and stocks ended mixed.
Economic data released Friday included producer prices.The producer-price index for October rose 0.6%, above the 0.2% economists were expecting, suggesting the price of goods in the U.S. heated up during the month.
In commodities, oil was lower again on Friday, poised for its 10th consecutive session for losses after the commodity officially entered a bear market in the prior session. A bear market is defined as a 20 percent drop in value from a peak.
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In company news, General Electric’s shares fell after analysts at JPMorgan Chase cut their price target on the company to $6 from $10, while shares of Walt Disney climbed in the aftermath of the company’s better-than-expected earnings report.
FOX Business’ Ken Martin contributed to this report.