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 November 8, 2018 - 4:24 PM EST
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S&P Ends 3-Day Streak After Fed Meeting

S&P Ends 3-Day Streak After Fed Meeting

The S&P 500 closed lower on Thursday following big gains in the previous session as investors digested the latest monetary policy decision from the Federal Reserve.

The Dow Jones Industrials held onto 10.92 points worth of gains to 26,191.22, to post a four-session winning streak.

The S&P 500 sagged 7.06 points to 2,806.83, as energy lagged, snapping a three-day winning streak.

The NASDAQ dipped 39.87 points to 7,530.88, as Qualcomm shares fell sharply.

Qualcomm shares fell more than 8% after the company issued weaker-than-expected revenue guidance for fiscal first quarter 2019. The company cited lower Apple legacy shipments and lower demand out of China.

Disney shares slipped 0.9% ahead of the release of its latest corporate earnings report. The stock jumped more than 1% in after-hours trading after the company posted a better-than-expected profit.

The Fed kept interest rates unchanged, as was widely expected. However, the central bank said in a statement it expects "further gradual increases" in the overnight rate. The Fed also did not mention the volatility that has hit the market recently.

Thursday's moves come after the major stock indexes posted sharp gains following the U.S. midterm election. The S&P 500 and Dow both rose more than 2% on Wednesday, notching their biggest post-midterm elections gains since 1982.

Prices for the benchmark for the 10-year U.S. Treasury sagged, raising yields to 3.24% from Wednesday's 3.23%. Treasury prices and yields move in opposite directions.

Oil prices lost $1.10 to $60.57 U.S. a barrel.

Gold prices subtracted $4.40 an ounce to $1,224.30 U.S.


Source: Livemoney (November 8, 2018 - 4:24 PM EST)