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09-Nov2018

US markets end mostly lower on Thursday; Fed leaves rates unchanged

The US markets ended mostly lower on Thursday after the Federal Reserve announced it's widely anticipated decision to leave interest rates unchanged and signaled that it would continue to tighten monetary policy at a gradual pace. Bucking the trend, Dow Jones inched up with gains of around 11 points.

Citing realized and expected labor market conditions and inflation, the Fed decided to maintain the target range for the federal funds rate at 2 to 2.25 percent. The Fed's accompanying statement noted a slowdown in the pace of growth in business investment, but the central bank reiterated further gradual increases in interest rates remain appropriate.

On the economic front, the Labor Department released a report showing a slight decrease in initial jobless claims in the week ended November 3. The report said initial jobless claims edged down to 214,000, a decrease of 1,000 from the previous week's revised level of 215,000. Street had expected jobless claims to dip to 213,000 from the 214,000 originally reported for the previous week.

Nasdaq fell 39.87 points or 0.53 percent to 7,530.88 and S&P 500 was declined 7.06 points or 0.25 percent to 2,806.83, while Dow Jones Industrial Average was up by 10.92 points or 0.04 percent to 26,191.22.


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