By Staff Reporters
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The Federal Reserve announced it was leaving its benchmark interest rate unchanged at a 22-year high on Wednesday but signaled it could hike rates again in its fight to bring down inflation. After a two-day meeting the Fed announced its federal funds rate would remain in a range of 5.25 to 5.5% – the same level as the central bank announced in July, when it last raised rates.
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Here is where the major benchmarks ended:
- The S&P 500 Index was down 41.75 points (0.9%) at 4,402.20; the Dow Jones Industrial Average (DJIA) was down 76.85 points (0.2%) at 34,440.88; the NASDAQ Composite was down 209.06 points (1.5%) at 13,469.13.
- The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.393%.
- CBOE’s Volatility Index (VIX) was up 1.03 at 15.14, after touching a two-week high.
Communication services and technology were among the weakest sectors Wednesday, with the Philadelphia Semiconductor Index (SOX) falling to its lowest level since late May.
Regional banks were also lower, and energy stocks slipped after crude oil futures pulled back from a recent rally. Real estate and consumer staples posted modest gains. The U.S. Dollar Index (DXY) strengthened back toward a six-month high.
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