US stocks remain bid after Fed rate hike
|- Stocks remain well bid, while USD dropped after Fed rate hike.
- Bank stocks keep losses.
The major US indices continue to trade in the green post-Fed, largely on the back of an uptick in the technology shares.
As of writing, the Dow index is trading at 24,625; up 121 points or 0.5 percent. S&P 500 is up 4 points and the Nasdaq has added 27 points.
Shares in Apple and Facebook are up 0.7 percent and 1.1 percent, respectively. Meanwhile, bank stocks remain under pressure. Goldman Sachs is down 0.33 percent. Also, shares of JPMorgan and Bank of America are down 0.81 percent and 1.03 percent, respectively.
The Fed hiked rates as expected and retained the outlook for three rate hikes in 2018. The USD dropped, tracking the decline in the Treasury yields after the rate hike announcement. The decline in the yields also indicates the investors are not impressed by the upward revision of the 2018 GDP forecast to 2.5 percent, given it based on assumption that tax reform (fiscal stimulus) would boost domestic demand/consumption.
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