What Happened in the Stock Market Today
Stocks dipped Wednesday when the Federal Reserve announced plans to reduce its bond portfolio and hinted at another hike in the federal funds rate before the end of the year, but mostly recovered by the end of the day. The Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) ended up with small gains to lock in records.
Data source: Yahoo! Finance.
Bank stocks benefited from a rise in long-term interest rates in response to the Federal Reserve's plan to cut its balance sheet, and the SPDR S&P Bank ETF (NYSEMKT: KBE) gained 1.2%. On the other side of the coin, yield-sensitive issues such as consumer non-cyclical stocks fell; the Consumer Staples Select Sector SPDR ETF (NYSEMKT: XLP) dropped 1%.
Source: Fool.com
