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US stocks end down slightly after early boost from Powell

The Star Business LogoThe Star Business1w ago

US stocks end down slightly after early boost from Powell

Quick Summary

NEW YORK: Major U.S.stock indexes ended down slightly Wednesday, losingearly gains tied to remarks by Federal Reserve Chair Jerome Powell that the U.S.central bank is "strongly committed" to bringing down inflation, while sharply lower oil prices weighed on energy shares.

The Fed recently raised its benchmark overnight interest rate by three-quarters of a percentage point - its biggest hike since 1994.

"Like all Fed commentary, there are positives and negatives, but the overall message is the Fed is not backing away from rate hikes," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.


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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: Russia Oil Nasdaq /Business/Business News Markets Gold Fed Markets Dow Powell Ukraine Rate Stocks

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 06:27:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 3 minutes read

Article Length: 419 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 4518

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About The Star Business

The Star Business Logo

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 18 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 1d ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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