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Stock market slumps after Fed lifts rates for second time in 2018

Stock market slumps after Fed lifts rates for second time in 2018

U.S. stock benchmarks ended near session lows Wednesday as the Federal Reserve completed its second increase to benchmark interest rates in 2018, as expected, but signaled a slightly more aggressive plan to tighten monetary policy this year than had previously been projected. The S&P 500 (^GSPC) fell 11.22 points, or 0.4%, at 2,775.63, with only one of the benchmark’s 11 sectors finishing in positive territory. Meanwhile, telecommunications tumbled 4.5%, predominantly on the back of a drop in shares of AT&T Inc.(XNYS:T) and Verizon Communications Inc.(VZ) , but that sector represents just 1.8% of the S&P 500’s total weight.