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Stocks close lower on Fed rate hike as central bank signals tighter policy in 2017

U.S. stocks finished lower on Wednesday with the Dow Jones Industrial Average losing sight of its 20,000-target after the Federal Reserve raised interest rates for the first time in a year. Major indexes had initially risen after the central bank announced its decision but equities turned lower as the Fed forecast three rate hikes in 2017. “[The] markets are focused-and upset with-the more hawkish tilt to the 2017 rate path,” Quincy Krosby, market strategist at Prudential Financial, said in a note. The Dow Jones Industrial Average snapped its seven-day winning streak to fall 117 points, or 0.6%, to end at 19,793 and the S&P 500 slid 18 points, or 0.8%, to close at 2,253. The Nasdaq Composite Index dropped 27 points, or 0.5%, to close at 5,436.

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Stocks close lower on Fed rate hike as central bank signals tighter policy in 2017 Reviewed by on . U.S. stocks finished lower on Wednesday with the Dow Jones Industrial Average losing sight of its 20,000-target after the Federal Reserve raised interest rates U.S. stocks finished lower on Wednesday with the Dow Jones Industrial Average losing sight of its 20,000-target after the Federal Reserve raised interest rates Rating:
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