Wall Street Ends Lower After Fed Move

Wall Street stocks finished a volatile session modestly lower on Wednesday after the Federal Reserve lifted interest rates and pointed to a stronger US growth outlook following tax cuts.

The Dow Jones Industrial Average shed 0.2 percent to 24,682.31.

The broad-based S&P 500 lost 0.2 percent at 2,711.93, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 7,345.29.

The Fed, as expected, raised its key lending rate, citing the improved US growth and employment outlook.

In its quarterly forecasts, Fed officials projected the benchmark interest rate would end this year at 2.1 percent after two more hikes, unchanged from the December forecast, but would rise to 2.9 percent at the close of 2019, signaling three possible hikes that year. (AFP)