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Julie Young
Julie Young
Articles (985) 

US Market Indexes Lower on Wednesday After Fed Funds Rate Increase

S&P 500 closes at 2,775.63 with a loss of -0.40%

June 13, 2018 | About:

The Dow Jones Industrial Average closed at 25,201.20 on Wednesday for a loss of -119.53 or -0.47%. The S&P 500 closed at 2,775.63 for a loss of -11.22 points or -0.40%. The Nasdaq Composite closed at 7,695.70 for a loss of -8.09 points or -0.11%. The VIX Volatility Index was higher at 12.94 for a gain of 0.60 points or 4.86%.

Wednesday's market movers

U.S. market indexes were lower Wednesday after the Federal Open Market Committee reported it would raise the federal funds rate and indicated four increases likely for the year. Sectors leading losses for the day included real estate and materials. Top detractors for the day included H&R Block (NYSE:HRB) with a loss of -$5.31 or -17.94% and LendingTree (NASDAQ:TREE) with a loss of -$20.65 or -7.76%.

Economic reports affecting market trading included the following:

  • The FOMC released new economic projections and announced it would increase the federal funds rate to 1.75% to 2.00%.
  • The Mortgage Bankers Association’s mortgage applications index decreased -1.5%.
  • The Producer Price Index increased 0.5% for the month and 3.1% for the year.
  • The EIA Petroleum Status report showed a decrease of -4.1 million barrels in oil inventory for the week.

In the Dow Jones Industrial Average, the following stocks led losses:

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,676.54 for a loss of -5.76 points or -0.34%. The S&P 600 closed at 1,036.12 for a loss of -5.83 points or -0.56%. The Dow Jones Small-Cap Growth TSM Index closed at 10,423.48 for a loss of -38.54 points or -0.37%. The Dow Jones Small-Cap Value TSM Index closed at 10,463.15 for a loss of -65.69 points or -0.62%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,991.40 for a loss of -12.57 points or -0.63%; the S&P 100 at 1,218.92 for a loss of -4.75 points or -0.39%; the Russell 3000 at 1,653.16 for a loss of -6.87 points or -0.41%; the Russell 1000 at 1,541.95 for a loss of -6.50 points or -0.42%; and the Dow Jones U.S. Select Dividend Index at 28,912.26 for a loss of -118.98 points or -0.41%.

About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie holds a Master of Science degree in finance from Boston College and a Bachelor of Science degree in finance from the University of Arkansas.

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