09 November, 2018
The USA500 traded lower at close of business on Thursday at 2806.83 after a Federal Reserve statement, and energy stocks were the biggest drag on the S&P as U.S. crude oil prices fell. The U.S. central bank said after its two-day meeting that strong job gains and household spending were keeping the economy on track but business investment "moderated from its rapid pace earlier in the year," creating a possible drag on future economic growth. Aside from the comment about business investments, the Fed statement was largely as expected and suggested to investors that the Fed's next rate hike would be in December. But some investors had hoped for a change in tone after October's market sell-off. Tech was also pressured by a fall in FAANG stocks, led by Facebook as the social media giant reportedly is set to face deeper regulatory scrutiny in Europe over its European tax arrangements. Its shares closed 2.4% lower. The winners of the day included Bank of America, gaining 1.16%, Intel growing 0.55% and Cisco, up 1.13%. Among the losers of the day were AMD, down 2.93%, Ford Motor, falling 1.46%, General Electric, dropping 1.09% and Apple declining 0.35%.