WATCH: Banks stifle Wall Street rally following dovish Fed statement
NEW YORK - The S&P 500 and the Dow ended lower on Wednesday as interest rate-sensitive financial stocks dragged down the indexes after the U.S. Federal Reserve affirmed a dovish monetary policy stance.
At the conclusion of its two-day monetary policy meeting, the central bank indicated it sees no further rate hikes this year, and released details of a plan to end the monthly reduction of its balance sheet. R.J. Grant head of trading at Keefe, Bruyette & Woods in New York saw “a heavy pickup in selling in the banks especially,” as the yield curve flattened.
Powell affirmed that sentiment at a press conference following the release, citing mixed economic data and risks associated with Brexit and trade negotiations as reasons for caution. FedEx weighed on the Dow Jones Transport Index, a closely-watched gauge of economic health, pulling the index down 1.3 percent.General Mills Inc. rose 2.2 percent after the packaged food company reported better-than-expected quarterly profit and boosted its full-year forecast.Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.64-to-1 ratio favored decliners.
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