recession this year as the Fed and other central banks in Europe and Asia try to extinguish inflation that was near multi-decade highs.Ĭurrency traders work near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. The Dow Jones Industrial Average lost 0.8% to 33,414.24 and the Nasdaq composite slipped 0.5% to 12,025.33. On Wall Street, the S&P 500 fell to 4,090.75. New Zealand and Southeast Asian markets also declined. The Shanghai Composite Index rose 0.5% to 3,340.28 and the Hang Seng in Hong Kong surged 1.1% to 19,924.15. “The key takeaway, in my view, is that we are likely at or very near the end of the rate hike cycle,” said Kristina Hooper of Invesco in a report. People walk past the New York Stock Exchange on Wednesday, Jin New York.

The Fed’s statement dropped a reference to “additional policy firming” but stopped short of declaring an end to rate hikes. Wall Street’s benchmark S&P 500 index fell 0.7% on Wednesday after the Fed announced a 0.25 percentage point increase in its lending rate.

Japanese markets were closed for a holiday. Shanghai and Hong Kong advanced while Seoul and Sydney declined. Free Press 101: How we practice journalismīEIJING (AP) - Asian stock markets were mixed Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it wasn’t sure what may come next.

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