The Federal Reserve's long-awaited pause in interest rate hikes sent stocks modestly lower Tuesday as Wall Street welcomed the move but worried that more increases might still be ahead, the Associated Press reports. The Fed had implemented 17 quarter-percentage point rate hikes since June 2004, raising the nation's benchmark rate from 1 percent to 5.25 percent, where it stood after Tuesday's meeting.
According to preliminary calculations, the Dow Jones industrial average fell 45.79, or 0.41 percent, to 11,173.59 after fluctuating shortly after the Fed's announcement. Broader stock indicators also fell. The Standard & Poor's 500 index lost 4.29, or 0.34 percent, to 1,271.48, and the Nasdaq composite index dropped 11.65, or 0.56 percent, to 2,060.85.
Today's Winners & Losers
Impco Technologies finished the day down 13.5 percent and closed at $8. Due to a 43 percent drop in earnings, Fremont General Corp. finished down 8.3 percent to $16.22 and KB Home lost 5 percent to close the day at $44.45.
Those on the up side included Napster Inc., which gained 5.9 percent to close at $2.87, California Pizza Kitchen, which gained 4.3 percent to close at $27.32 and Cadiz Inc., which gained 3.5 percent to close the day out at $19.89 a share.
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