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Wall Street reacts to Fed rate hike
The U.S. Federal Reserve Board approved a 25 basis point increase in the main interest rate, bringing it to a range of 3.75% to 4.0%. This is the first increase since July 2023, aimed at containing inflation caused by rising energy prices and the fallout from the war. Markets responded positively to the decision, with the S&P 500 index rising by 0.3% and the Nasdaq by 0.7%, while the Dow Jones declined slightly by 0.1%. The transportation sector came under pressure, with its index dropping by more than 2% following warnings of reduced profits at J.B. Hunt due to higher fuel costs. Despite stable oil prices and bond yields, analysts caution that rising diesel prices could further fuel inflation and slow down economic growth, with expectations that the S&P 500 could drop to 7,900 points.
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