Dow sinks 367 points days after Fed rate hike

23 Dec 2015 | Author: | No comments yet »

Stocks Down In Lower Volume.

Economic data pointed to continued healing in the labour market, which could prompt more rate hikes from the Fed next year. “Finally we’re going to the script that the Fed would like to write, and this ought to be welcomed by the stock market”.

Declining issues outnumbered advancing ones on the NYSE by 2,016 to 1,048, for a 1.92-to-1 ratio on the downside; on the Nasdaq, 1,884 issues fell and 962 advanced for a 1.96-to-1 ratio favoring decliners. Activists with the Center for Popular Democracy protest a likely increase in the interest rate by the Federal Reserve in front of the Federal Reserve headquarters in New York, Dec. 15, 2015. The Fed made clear that the 25-basis point rate hike was a tentative beginning to a “gradual” tightening cycle, and that in deciding its next move it would put a premium on monitoring inflation, which remains mired below target.

China’s slowdown has been transmitted to the rest of the world through a fall in oil and commodities prices, said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, N.Y., which he said “is raising serious questions about global demand and the global economy”. Qihoo 360 was up 1.8 percent at $73.10 after the Chinese mobile security software maker said it would be taken private for about $9.3 billion, including about $1.6 billion in debt.

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