Stocks close lower after Fed hikes rates


The dollar edged higher Tuesday, a day before the conclusion of the Federal Reserve's monetary policy meeting.

At 11:52 a.m. ET, the Dow Jones Industrial Average was up 0.38 percent at 24,820.6. The S&P 500 lost 5 points to 2,712, a decline of 0.2%. Names sensitive to higher rates such as utilities.SPLRCU, down 0.39 percent, and real estate.SPLRCR, off 0.93 percent, were under pressure.

The technology index rose 0.36 percent.

In Asian markets, Japan's Nikkei Stock Average fell 0.47 percent, Hong Kong's Hang Seng Index gained 0.11 percent, China's Shanghai Composite Index gained 0.35 percent and India's BSE Sensex gained 0.22 percent. The U.S. central bank raised interest rates for the sixth time since the end of 2015, as had been widely expected, and it stuck to its prior forecast of three rate hikes in 2018.

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General Mills (GIS.N) slumped 8.85 percent after the company cut its full-year profit forecast due to higher freight and commodity costs.

The Australian dollar fell to its lowest level since late December earlier in the session on concerns that China, a key destination for Australian exports, may be hit by USA sanctions. Other airlines also fell, with the Dow Jones Airlines index was down 3.4 percent. "But if we see retaliation, and significant trade disruptions, it's a different order or magnitude, could begin to affect global growth forecasts", said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored advancers.