Wall Street remains mixed after Fed raises interest rates

New York, July 26 (BNA): Stocks remain mixed Wednesday after the Federal Reserve followed through on Wall Street’s expectations and raised interest rates to their highest level in more than two decades.

 

The S&P 500 was 0.1% lower in afternoon trading, not far from where it was before the Fed announced what traders hope will be the final rate hike for a long time.

 

The Dow Jones Industrial Average was up 27 points, or 0.1%, at 35,466, as of 2:11 p.m. Eastern time, and the Nasdaq composite was 0.2% lower, reports AP.

 

 Wall Street could be in for more shakes toward the end of the day’s trading, after Fed Chair Jerome Powell begins a press conference to explain the Fed’s latest move.

 

In hopes of wrestling high inflation down further, the Fed raised its federal funds rate to a range of 5.25% to 5.50%. That’s its highest level in more than two decades and up from virtually zero early last year.

 

AHN