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S&P extends losses after Fed statement
On Thursday, the S&P 500 managed to extend its losses a bit right after a Fed statement, while energy equities led the dives because crude sank.
The Federal Reserve told that everlasting firm job gains along with household spending were keeping the country’s economy on track.
Aside from the Fed's remark, a great number of traders told the statement appeared to be largely as anticipated and hinted that the major bank’s next rate lift would be in December. However, some market participants were expecting a change in tone.
Some folks didn’t like that statement, as they expected a more dovish tone following October’s market volatility.
As for the Dow Jones Industrial Average, it slumped by 0.13% hitting 26,147.08. Moreover, the S&P 500 decreased by 0.42% reaching 2,802.13, while the Nasdaq Composite sank by 0.73% demonstrating 7,515.61.
As for the S&P bank index SPXBK, it managed to erase its profits and became negative after the news because bank gains benefit from soaring rates.
Energy equities appeared to be the S&P's number one drag with a 2.1% slump due to the fact American crude futures CLc1 found themselves on a bear market, diving over 20% from their October 3 maximum.
In addition to this, the Wall Street Journal informed that Saudi Arabia's top government-funded think-tank is currently exploring the probable effects on crude markets of a breakup of OPEC in a story citing some sources already familiar with the matter.
By the way, on the NYSE, decreasing issues managed to outnumber increasing ones on Nasdaq by a 1.39-to-1 ratio, while a 1.24-to-1 ratio favored divers.
Apart from that, the S&P 500 posted 33 fresh 52-week maximums and two fresh minimums, while the Nasdaq Composite came up with 72 fresh maximums as well as 71 new minimums.
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