Wall Street closes down, Dow snaps longest winning streak since 1987

📆 7/28/2023 1:55 AM
📰 Reuters

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US stocks ended lower after news that the Bank of Japan will allow long-term interest rates to rise sent US yields higher, snapping the longest winning streak for the Dow since 1987

On Wednesday, the U.S. Federal Reserve raised interest rates by 25 basis points as expected. Traders now only see a 20% chance that the Fed could surprise with a quarter-point increase in September. FEDWATCH

On Thursday, a Commerce Department report showed the U.S. economy grew faster than expected in the latest quarter, with an advance gross domestic product reading of 2.4%, above the 1.8% forecast by economists polled by Reuters. Kim Rupert, managing director of global fixed income at Action Economics in San Francisco, said the strong economic data earlier in the day also made the market reassess its positioning after the Federal Reserve slightly upgraded its growth outlook on Wednesday.

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