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

MarketWatch
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 rate increase also had the effect of narrowing a closely watched gap between rates of two-year and 10-year Treasury notes, which has recently been one of a strong predictor of recessions. What did markets do? The S&P 500 SPX, -0.40% fell 11.22 points, or 0.4%, at 2,775.63, with only one of the benchmark’s 11 sectors finishing in positive territory. The consumer-discretionary sector closed 0.1% higher but losses were