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US stocks closed little changed as a rebound from the previous day’s sell-off flopped with a hawkish outlook from the Federal Reserve on its path for interest rates looming over markets.
The Dow Jones Industrial Average (^DJI) ended a 10-day losing streak, its longest in 50 years, as it closed just above the flat line on Thursday. Meanwhile, the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) both fell about 0.1%.
The 10-year Treasury yield (^TNX) continued its trek higher on Thursday, rising roughly seven basis points to hit 4.57% for its highest levels since May.
Markets were looking to bounce back after a harsh reaction the day before, which was prompted by the Fed scaling back the number of rate cuts it expects next year and Chair Jerome Powell saying Wednesday’s decision — cutting rates by a quarter point — was a "closer call."
Markets interpreted the Fed’s moves as a "hawkish cut" and reacted accordingly, sending the S&P 500 and Nasdaq to their worst days since the summer.
On the economic front, the third estimate for third quarter US GDP showed the economy grew at an annualized rate of 3.1%, above the previous reading of 2.8%. Other data out Thursday morning showed 220,000 weekly unemployment claims were filed in the week ending Dec. 14, a decrease from the 242,000 seen the week prior.
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