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Stock Market Roundup Dec. 14: Fed Raises Rates for Second Time in Decade
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It turned out to be a choppy day of trading on Wall Street Wednesday, as the news of the Federal Reserve’s decision to raise the benchmark interest rate by a quarter percentage point sank in.
The Dow Jones, the S&P 500, and the Nasdaq all dropped considerable points, while utilities and energy were feeling the effects of the Fed’s decision as well.
On Wednesday, the Federal Reserve announced that it is raising the benchmark interest rate by a quarter percentage point higher, from the current range of 0.25% to 0.50% to the range of 0.50% to 0.75%. The unanimous decision came after a session of the Federal Open Market Committee, and will become effective tomorrow December 15.
After the Federal Reserve raised interest rates for the first time in 2016—and only the second in a decade—the stock market experienced volatile trading on Wednesday. Each of the three major indexes were down immediately following the Fed’s announcement, as well as utilities and energy. Crude oil was down 3.6% to $52 per barrel in late afternoon trading.
Comerica Inc. (CMA - Free Report) is a Dallas-based bank with commercial and consumer banking and wealth management divisions, and the company recently reiterated its 2016 outlook and expects to see double-digit earnings growth next year. CMA stock has exploded this year, up 61% year-to-date and 14.6% year-to-date. Because of these factors, Comerica has been named Zacks Bull of the Day.
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Stock Market Roundup Dec. 14: Fed Raises Rates for Second Time in Decade
It turned out to be a choppy day of trading on Wall Street Wednesday, as the news of the Federal Reserve’s decision to raise the benchmark interest rate by a quarter percentage point sank in.
The Dow Jones, the S&P 500, and the Nasdaq all dropped considerable points, while utilities and energy were feeling the effects of the Fed’s decision as well.
Zacks Rank #1 (Strong Buy) Biggest Movers)
Value: Liberty Media Corp. +4.75%
Growth: USD Partners (USDP - Free Report) +2.51%
Momentum: Emcore Corp. (EMKR - Free Report) +1.71%
VGM: Acco Brands (ACCO - Free Report) +3.31%
Income: Natural Resources LP (NRP - Free Report) +2.74%
Major Indexes
DOW: 19,792.66 / -118.55 / -0.60%
S&P 500: 2,253.28 / -18.44 / -0.81%
NASDAQ: 5,436.67 / -27.16 / -0.50%
Top Headlines
Federal Reserve Raises Interest Rates to Between 0.50%-0.75%
On Wednesday, the Federal Reserve announced that it is raising the benchmark interest rate by a quarter percentage point higher, from the current range of 0.25% to 0.50% to the range of 0.50% to 0.75%. The unanimous decision came after a session of the Federal Open Market Committee, and will become effective tomorrow December 15.
Here’s How the Stock Market Reacted to the Fed Rate Hike
After the Federal Reserve raised interest rates for the first time in 2016—and only the second in a decade—the stock market experienced volatile trading on Wednesday. Each of the three major indexes were down immediately following the Fed’s announcement, as well as utilities and energy. Crude oil was down 3.6% to $52 per barrel in late afternoon trading.
Bull of the Day: Comerica
Comerica Inc. (CMA - Free Report) is a Dallas-based bank with commercial and consumer banking and wealth management divisions, and the company recently reiterated its 2016 outlook and expects to see double-digit earnings growth next year. CMA stock has exploded this year, up 61% year-to-date and 14.6% year-to-date. Because of these factors, Comerica has been named Zacks Bull of the Day.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>