Stocks fall after Fed raises interest rates, oil nears $100

Stocks fall after Fed raises interest rates, oil nears $100

Divya

Economy

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US stocks Withdrew after one day Federal Reserve It announced the first rate hike since 2008, and China promised support for its real estate and internet sectors.

tape protection the last they change they change %
Me: DJI Dow Jones averages 34080.4 +17.30 + 0.05%
SP500 Standard & Poor’s 500 4368.78 +10.92 + 0.25%
I: COMP Nasdaq Composite Index 13493.215181 +56.66 + 0.42%

All three major averages fell in early trading with the Nasdaq Composite advancing 0.5% lower.

tape protection the last they change they change %
XLF SPDR Financial Sector Fund 38.43 +1.05 + 2.81%
XLE Defining the Energy Sector ETF SPDR 71.50 -0.32 -0.45%

Financial stocks led the selling, while energy companies’ names rose.

The Fed raises interest rates for the first time in 3 years

US West Texas Intermediate crude exceeded $100 a barrel, while global benchmark Brent crude reached $105.

tape protection the last they change they change %
USO United States Petroleum Fund LP 68.28 -0.35 -0.51%
BNO United STS BRENT OIL FD LP UNIT 27.04 -0.28 -1.02%

Gas prices fell a few cents to $4.28 per AAA.

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In stock news, the dollar jumped year after increasing its dividend by 31% to $0.55 after it raised its sales guidance for the year. Retailers Williams-Sonoma and Signet Jewelery also rose after strong quarterly results.

tape protection the last they change they change %
DJ Dollar General Corporation. 212.49 -1.76 -0.82%
WSM Williams Sonoma Corporation 162.12 +9.51 + 6.23%
SIG Signet Jewelery Limited. 75.16 -2.68 -3.44%

Lockheed Martin is co-focusing on reports that the Pentagon may order fewer F-35 fighter jets, according to Bloomberg. On the other hand, Reuters reported that Germany is ordering more US missiles and drones.

tape protection the last they change they change %
LMT Lockheed Martin Corporation. 421.34 -27.33 -6.09%

In technology, Intel has announced that it will invest $100 million in Ohio to advance semiconductor learning, half of which will come from the company and the other $50 million will come through a partnership with the US National Science Foundation. Education funding details come after the company announced in January about it With an investment of $20 billion in semiconductor production in Ohio, in an effort to help alleviate a global shortage of chips that power everything from phones to cars to home appliances. It is the largest private sector investment in Ohio history.

tape protection the last they change they change %
INTC Intel Corp. 46.63 +1.82 + 4.06%

On the economic docket, the Labor Department reported that 214,000 weekly unemployment claims were filed, not much changed from the previous week’s 227,000. Continuing Claims, which tracks the total number of unemployed workers collecting benefits, has fallen to 1.419 million, remaining well below pre-pandemic levels.

The housing data meanwhile came in very strong as homes under construction in February rose 6.8% to a seasonally adjusted annual rate of 1.76 million. That’s up from 1.638 million in January. Future building permits fell 1.9% to 1.859 million in February.

The Philadelphia federal manufacturing activity index for eastern Pennsylvania, southern New Jersey and Delaware also rose to 27.4.

The Federal Reserve will release industrial production data for February.

In cryptocurrencies, Bitcoin has stabilized above the $40,000 level.

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Ken Martin and The Associated Press contributed to this report.