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Wall Street edges lower after Fed raises rates

16 June 2017

US retail sales dropped 0.3% in May, the biggest decline in 16 months.

In corporate news, shares in electric vehicle maker Tesla were higher following news that its Model X SUV has been given a five-star safety rating and after Ron Baron, the founder of Baron Capital, told CNBC the stock could jump by more than 50% by next year. The hike will push interest rates above 1 percent for the first time since the immediate aftermath of the collapse of Lehman Brothers in 2008.

Technology shares with declines included Apple, down 0.6 percent, Amazon, down 1.3 percent, Priceline, down 1.2 percent, and Tesla Motors, down 1.5 percent.

"With the weak data, you start to wonder why the Fed is so bent on raising rate".

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NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.

"The market should take confidence in the fact that they're being very transparent in setting clear policy steps in terms of how they normalize the balance sheet", said Heidi Learner, chief economist for Savills Studley, a unit of Savills Plc, in NY.

At 1532 BST, the Dow Jones Industrial Average was exactly flat at 21,329, while the S&P 500 was off by 0.08% to 2,438 and the Nasdaq Composite was lower by 0.04% at 6218.

The Fed clearly outlined a plan to reduce its US$4.2-trillion (RM17.89-trillion) portfolio of Treasury bonds and mortgage-backed securities, most of which were purchased in the wake of the 2007-2009 financial crisis and recession. The index had hit a record intraday high of 21,354.56 shortly after the open.

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The Nasdaq composite sank 29.39 points, or 0.5 percent, to 6,165.50.

The Dow is up 87.93 points, or 0.4 percent.

The S&P 500 is up 6.15 points, or 0.3 percent. The stocks provided the biggest boost to the S&P and the Dow. The stock provided the biggest boost to the S&P and the Dow.

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Wall Street edges lower after Fed raises rates