“Wall Street dropped on Wednesday after the U.S. Federal Reserve frustrated investors hoping for a strong sign it might scale back future interest rate hikes because of recent financial and economic turmoil,” Noel Randewich reports for Reuters.
“In a widely expected decision, the Fed kept interest rates unchanged and it said it was “closely monitoring” global economic and financial developments, but it maintained an otherwise upbeat view of the U.S. economy,” Randewich reports. “‘It sounds like they are unimpressed with what has happened in the markets, that it has been insufficient to change their plans. That’s the takeaway and it’s why the market is going down,’ said Stephen Massocca, Chief Investment Officer of Wedbush Equity Management LLC in San Francisco.”
“The Nasdaq Composite dropped 2.15 percent to 4,469.39. Half of the 10 major S&P sectors were down, led by the tech sector’s 1.9 percent descent,” Randewich reports. “Apple’s shares fell 6.3 percent after the iPhone maker reported its slowest-ever rise in shipments on Tuesday, while Boeing lost 8.9 percent, on track for its biggest fall since August 2011.”
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MacDailyNews Take: Could we see AAPL touch the 80s? Gag us with a spoon.
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