US stocks open lower after Fed decision

New York, June 16 (IANS) US stocks opened lower on Thursday as Wall Street continued to assess the Federal Reserve’s decision to leave interest rates unchanged.

Shortly after the opening bell, the Dow Jones Industrial Average fell 76.77 points, or 0.44 percent, to 17,563.40, Xinhua news agency reported.

The S&P 500 lost 8.87 points, or 0.43 per cent, to 2,062.63. The Nasdaq Composite Index decreased 23.44 points, or 0.48 per cent, to 4,811.49.

In Wednesday’s statement released after the Fed’s policy meeting, Fed officials gave a mixed assessment about the US economy, saying that the labor market has slowed its improvement pace, while growth in economic activity appeared to have picked up since April.

The Fed continued to lean toward hiking rates, but its six members now believe there will be just one rate hike this year.

On the economic front, the Consumer Price Index for all urban consumers increased 0.2 per cent in May on a seasonally adjusted basis, the US Labor Department said on Thursday.

On Wednesday, US stocks reversed early gains to end lower following the Fed’s decision, with all three major indices notching a five-day losing streak.

–IANS

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