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U.S. stocks turned higher toward the end of trading, after the US Federal Reserve raised its target fed funds rate by 0.75% on Wednesday.
The Dow traded up 0.70% to 32,882.70 while the NASDAQ rose 0.22% to 10,915.24. The S&P 500 also rose, gaining, 0.38% to 3,870.78.
Also check this: Investor Sentiment Decreases As US Stocks Fall For Second Straight Session
Leading and Lagging Sectors
Utilities shares gained 0.5% on Wednesday. Leading the sector was strength from Genie Energy Ltd. (NYSE:GNE) and ReNew Energy Global Plc (NASDAQ:RNW).
In trading on Wednesday, consumer discretionary shares tumbled by 1.6%.
Top Headline
The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3.75% and 4%, its fourth 0.75% rate hike in five months.
The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.
Equities Trading UP
Equities Trading DOWN
Also check out: ON Semiconductor, Global Payments And Other Big Losers From Monday
Commodities
In commodity news, oil traded up 2% to $90.15 while gold traded down 0.1% at $1,649.40.
Silver traded down 0.5% to $19.56 on Wednesday while copper fell 0.3% to $3.4635.
Euro zone
European shares closed mostly lower today. The eurozone’s STOXX 600 declined 0.28%, London’s FTSE 100 fell 0.53% while Spain’s IBEX 35 Index fell 0.45%. The German DAX fell 0.61%, French CAC 40 fell 0.83% and Italy’s FTSE MIB Index rose 0.07%.
The S&P Global Eurozone manufacturing PMI was revised slightly lower to 46.4 in October versus a preliminary level of 46.6. German manufacturing PMI fell to 45.1 in October from a preliminary of 45.7, while unemployment rate in the country came in unchanged for a third straight month at 5.5% in October. The S&P Global French manufacturing PMI fell to 47.2 in October from 47.7 in the previous month, while Italian manufacturing PMI declined to 46.5 in October from the 48.3 in the previous month. The S&P Global Spain manufacturing PMI fell to 44.7 in October from 49 in the prior month.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with the Japan’s Nikkei 225 falling 0.06% and China’s Shanghai Composite Index climbing 1.15%.
Australian building permits fell by 5.8% month-over-month to 16,455 units during the month of September.
Economics
Check out this: Market Volatility Increases As Investors Await Fed's Rate Decision
COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 99,400,950 cases with around 1,095,640 deaths. India confirmed a total of at least 44,655,820 cases and 529,070 deaths, while France reported over 36,842,910 COVID-19 cases with 157,040 deaths. In total, there were at least 636,126,050 cases of COVID-19 worldwide with more than 6,595,990 deaths.