The Federal Reserve Board met most expectations today by raising a key interest rate another quarter point, a decision that seemed to push stocks slightly lower on Wall Street.Stocks were mixed heading into the Fed’s midday decision to hike the overnight rate from 1.75 to 2 percent. The move had been widely anticipated but still pressured stock prices. By the close of trading, all of the major averages were slightly lower.The Dow lost 0.89 points, or 0.01 percent, to close at 10,385.48. The Nasdaq was the weakest performer of the day, losing 8.77 points, or 0.43 percent, to 2,034.56. The S&P 500 lost 1.17 points, or 0.10 percent, to finish at 1,162.91.In the always heavily scrutinized statement announcing the rate increase, the Fed said the economy “appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions have improved.” Inflation, it added, appears “well contained.”Markets were also dealing with a rebound in crude oil prices, which reversed a losing streak after the Energy Department surprised analysts by reporting a decrease in heating oil and similar fuels in U.S. stockpiles. Inventories stand 13 percent below year-ago levels, helping to spark a rally in crude… Read full this story
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