Wall Street ended the day in mixed territory after spending most of the day up roughly 2%. Stocks shed those gains following an afternoon policy update from the Fed and press conference by Fed Chairman Jerome Powell, which suggested the Fed would push forward with interest rate hikes. The Dow Jones Industrial Average closed down 0.38%, while the S&P 500 fell 0.15% and the Nasdaq Composite gained just 0.02%. Stocks turned negative during his comments, as some investors bet the Fed would prioritize fighting inflation over ensuring robust economic growth. The Fed also said its policy-setting members had agreed on a set of principles for shrinking its balance sheet, set to start sometime after interest hikes begin.

Source: The Edge Markets January 27, 2022 00:50 UTC