Wall Street closes lower on Fed remarks

Wednesday, 16. June 2021 22:00

Major stock markets on Wall Street ended the Wednesday trading session lower, as they failed to recover from their earlier losses. While the Federal Reserve decided to keep the interest rates unchanged, its chair warned that the economic recovery of the United States was not complete.

Additionally, Fed Chair Jerome Powell noted that inflation may remain elevated, but that he expects a "very strong" labor market in one to two years' time and that it was too early to talk about an interest rate lift-off.

The Dow Jones closed the session falling 0.77% or 264 points, with Dow Inc. decreasing 2.42%. The Nasdaq 100 ended the session 0.34% in the red, as Xcel Energy declined 2.07%. The S&P 500 dropped 0.54%, while Willis Towers Watson plc lost 7.22%. The euro plummeted 0.97% against the dollar trading for $1.20085 at 4:02 pm ET.

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