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US STOCKS-U.S. stocks cut losses after Fed statement

Published 17/03/2021, 19:14
US500
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DJI
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IXIC
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* McDonald's rises as DB raises rating, price target
* Indexes: Dow +0.49%, S&P 500 -0.10%, Nasdaq -0.55%

(Updates following Fed's announcement)
By Noel Randewich
March 17 (Reuters) - The S&P 500 and the Nasdaq trimmed
earlier losses on Wednesday after the Fed kept interest rates
steady, as expected, and said it would continue to keep its rate
close to zero.
In its statement following its two-day policy meeting, the
Federal Reserve projected a rapid jump in U.S. economic growth
and inflation this year as the COVID-19 crisis winds down, and
repeated its pledge to keep its target interest rate near zero
for years to come. A $1.9 trillion spending stimulus and the rollout of
vaccines have fueled a rotation into so-called value stocks that
are viewed as likely to outperform as the economy recovers from
the coronavirus pandemic.
At the same time, worries that the stimulus could overheat
the economy and lead to higher inflation rates have triggered a
strong rise in long-duration Treasury yields and made technology
and other growth stocks less attractive.
Following the Fed's statement, the Dow Jones Industrial
Average .DJI was up 0.49% at 32,985.82 points, while the S&P
500 .SPX was down 0.10% at 3,958.59.
The Nasdaq Composite .IXIC dropped 0.55% to 13,397.28.
The S&P 500 and the Dow on Monday reached all-time closing
highs while the Nasdaq has recovered more than half of its
losses following a selloff in late February and early March.
Fast-food retailer McDonald's Corp MCD.N gained 1.7% after
Deutsche Bank raised its target price on the stock and also
upgraded its recommendation to "buy" from "hold."

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