Fed to Keep Interest Rates Low for Now, Wall Street Posts Losses Again
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tarabird/iStock/Thinkstock(NEW YORK) — A second straight day of losses on Wall Street, despite word from the Federal Reserve that it would not increase interest rates for the time being.
The Dow Jones Industrial Average closed at 17191.76, down 195.45 from its open.
The Nasdaq dropped 43.51 to a finish of 4637.99, while the S&P 500 dipped 27.33 to 2002.22.
The Fed wrote in a statement that “labor market conditions have improved further, with strong job gains and a lower unemployment rate.” While acknowledging that the recovery in the housing sector is still slow and some economic markers could be stronger, the Fed continues to believe it can be “patient” in waiting to increase interest rates.
Also on Wednesday, Volkswagen, Audi and Porsche recalled more than 27,000 vehicles in the U.S. over a fuel leak issue. The recall includes a number of makes from the model years 2011 to 2013.
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