NEW YORK, Jan 27 ― The S&P 500 ended lower yesterday, taking an abrupt nosedive that reversed earlier solid gains after the US Federal Reserve released its statement at the conclusion of its two-day policy meeting.
“With inflation well above 2 per cent and a strong labour market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the statement said. The Dow Jones Industrial Average fell 129.64 points, or 0.38 per cent, to 34,168.09, the S&P 500 lost 6.52 points, or 0.15 per cent, to 4,349.93 and the Nasdaq Composite added 2.82 points, or 0.02 per cent, to 13,542.12.
Microsoft Corp gained 2.8 per cent after current-quarter revenue guidance, driven in part by its cloud business, came in above consensus.
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