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U.S. stocks remained under pressure Thursday after the U.S. Federal Reserve moved, as expected, increasing interest rates by 25 basis points.
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Dow Jones futures were lower by 0.21%. The S&P 500 was down 0.23% and the Nasdaq Composite was off 0.32%.
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.
The Dow Jones Industrial Average fell 119.53 points to 25,201.20. The S&P 500 dropped 11.22 points to 2,775.63. The Nasdaq Composite lost 8.09 points to 7,695.70.
|I:DJI||DOW JONES AVERAGES||25201.2||-119.53||-0.47%|
|I:COMP||NASDAQ COMPOSITE INDEX||7695.6991||-8.09||-0.11%|
On Thursday, traders will get the latest report on weekly jobless claims as well as the latest read on manufacturing in the mid-atlantic region.
Comcast on Wednesday said it has submitted a $65 billion, all-cash bid to acquire film and television assets from 21st Century Fox, setting up a direct clash with the Walt Disney Company and its pending acquisition of the same properties.
21st Century Fox is the parent company of FOX Business and Fox News
While the U.S. Fed increased interest rates, China’s central bank left borrowing costs for interbank loans unchanged.
China and Hong Kong stocks fell on Thursday, as disappointing economic data and renewed trade war fears hit investor sentiment.
The Shanghai Composite closed down 0.2%.
The Hang Seng index dropped 0.6%
Japan’s Nikkei ended the day down 0.99%.
The European Central Bank could change its monetary policy as early as Thursday.
The ECB is getting close to ending its bond buying program, also known as quantitative easing.
The central bank will debate whether to end its huge asset purchases by year-end, which was a crisis-era stimulus credited with pulling the euro zone economy out of recession.
In European trading, London’s FTSE opened down 0.61%, Germany’s DAX was lower by 0.63% and France’s CAC was off 0.52%.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.