U.S. stock market attempts to claw back gains Thursday as investors weigh hawkish Fed and punchy U.S. dollar
U.S. stock benchmarks struggled for altitude Thursday morning, a day after the Federal Reserve signaled its intention to raise interest rates sooner than previously forecast and upped its forecast for inflation and economic growth. The Dow Jones Industrial Average , which closed below its 50-day moving average on wednesday for the first time since early March, was inching higher at 34,059, up 25 points, or less than 0.1%; the S&P 500 index was rising to 4,229, up 4 points, buoyed by gains in financials and consumer staples. The technology-laden Nasdaq Composite Index was trading at 14,059, up 0.1%, as rates for benchmark government debt remained somewhat buoyant, weighing on yield-sensitive sectors. On Wednesday, the Fed's median projection showed that policy makers see a lift to benchmark rates, currently at a range between 0% and 0.25%, to 0.6% by the end of 2023, sooner than they anticipated in March. Thursday's moves come as the U.S. dollar has made bullish post-Fed moves. The ICE U.S. Dollar Index , a gauge of the dollar against a half-dozen currencies, was up 0.6% at 91.69.
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