Economics
U.S. Stocks Retreat Amid Tepid Growth Outlook, Brexit Concerns
- Fed meeting offered only brief reprieve from overseas anxiety
- Banks, industrials fail to maintain momentum after Yellen
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U.S. stocks erased gains in a late-day collapse after the Federal Reserve held pat on interest rates, with mixed American growth and a sluggish global economy heightening concern the effectiveness of central-bank stimulus has reached its limits.
Equities seesawed post-meeting and during Fed Chair Janet Yellen’s press conference, maintaining gains before caving in the final minutes, spurred by falling crude-oil prices and tumbling Treasury yields which weighed on financial shares.