Wall Street’s fear gauge hit a five-week low at 19.68 points. A midafternoon rise in the 10-year Treasury yield to 1.62 per cent nipped some enthusiasm for high-growth stocks. The benchmark US 10-year Treasury hit a 13-month high last week. — Reuters picNEW YORK, March 17 — The S&P 500 ended lower yesterday, weighed down by energy and industrial stocks as investors awaited the result of the Federal Reserve’s two-day policy meeting.
The Nasdaq ended higher. Apple Inc rose 1.3 per cent after Evercore ISI hiked its price target on the iPhone maker’s shares to the highest among analysts covering the company, according to Refinitiv data. “This Fed meeting is one of the most important ones for the market in a long time. It is the first we have had after the recent inflation rate rise and concerns about inflation,” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.
Volume on US exchanges was 12.2 billion shares, compared with the 14.4 billion average for the full session over the last 20 trading days.
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