S&P 500 ends down after late reversal despite Fed’s low-rate stance | Malay Mail

Thursday, 17 Sep 2020 07:06 AM MYT

The index initially extended gains and the Dow briefly rose more than 1 per cent after the Fed kept rates near zero and promised in its policy statement to keep them near there until inflation is on track to “moderately exceed” the US central bank’s 2 per cent target “for some time.”But the market reversed direction heading into the close, with technology shares leading the way down on the S&P 500. The tech sector, which had been recovering from a sharp sell-off, fell 1.

The Dow Jones Industrial Average rose 36.78 points, or 0.13 per cent, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46 per cent, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25 per cent, to 11,050.47. The Dow Jones transportation average, often seen as a barometre of economic health, rose 0.7 per cent.

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