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S&P 500 pares gains, Nasdaq turns negative after Fed hikes lending rate

The S&P 500 posted no new 52-week highs and 51 new lows; the Nasdaq Composite recorded four new highs and 400 new lows

Reuters  |  New York 

US stocks pared gains on Wednesday, with the Nasdaq index turning negative, after the Federal Reserve raised interest rates but forecast fewer rate hikes for 2019. The Federal Open Market Committee said in a statement following a two-day policy meeting that risks to the economy were "roughly balanced," but that it would "continue to monitor global economic and financial developments and assess their implications for the economic outlook." Though the Fed now expects two rate hikes in 2019, down from three in its previous economic forecasts in September, ...

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First Published: Thu, December 20 2018. 01:35 IST