The stock market’s Fed decision rally is already reversing.
The S&P 500 was down 0.3% after spiking in the wake of the central bank’s decision to lower interest rates by a quarter point. The Nasdaq Composite was down 0.9%. The Dow was up 277 points, or 0.6%, and falling.
The move was widely expected by markets, and stocks had already hit fresh highs based on expectations of the cut. Now, traders are waiting for Fed Chairman Jerome Powell’s 2:30 p.m. ET press conference. The event has historically prompted bumpy trading.
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