Down day on Wall Street as markets anticipate rate hike

By Ovunc Kutlu

NEW YORK

American stocks were off Thursday as investors anticipate a Federal Reserve interest rate hike in December.

The Fed did not increase its benchmark rate Thursday at the conclusion of a two-day meeting.

The central bank, however, hinted it could raise rates before the end of the year.

“The basic message here is U.S. economic performance has been good,” Fed Chair Janet Yellen said at a news conference after the meeting.

The Fed also announced it would begin unwinding its massive $4.5 trillion balance sheet in October, by reducing it $10 billion per month.

Investors took a sell-off position as a result, while indexes in Wall Street posted losses.

The Dow fell 53 points to end at 22,359 and the S&P lost seven points to finish at 2,500.

The Nasdaq was down 33 points to close at 6,422.