U.S. Stocks Sag After Fed Report; Oil Rallies: Markets Wrap
- Dollar resumes rise as central bank holds to rate-hike path
- 10-year Treasury yields gain; European stocks move higher
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U.S. stocks fell to their lowest in a week and the dollar jumped as investors assessed the Federal Reserve’s signal that it’s in no rush to raise rates even as inflation rises to its target.
The S&P 500 ended near session lows after briefly pushing higher following the central bank’s decision to hold rates steady. Equities tumbled in the final hour of trading as concern mounted that the Fed may let inflation run hot as it gradually tightens. Treasury yields resumed a march to 3 percent and the dollar strengthened versus major peers, adding to equity headwinds.