Stocks, junk bond ETFs fall after Fed’s policy decision

Stocks and exchange-traded funds that buy corporate bonds fell Wednesday afternoon after the Federal Reserve raised rates another 50 basis points and signaled its benchmark rate may peak above 5%. 

All three major U.S. stock benchmarks, including the S&P 500 SPX, Dow Jones Industrial Average DJIA and Nasdaq Composite COMP, closed lower Wednesday, according to FactSet data. The SPDR S&P 500 ETF SPY fell 0.6%, while the Invesco QQQ Trust QQQ, which tracks the Nasdaq-100 index, was off 0.7%, FactSet data show, at last check. 

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