US Stocks Fluctuate Amid Hawkish Fed Decision and Soaring Oil Prices
The US stock market seesawed on Friday as investors digested a highly eventful week marked by an uproar over artificial intelligence safety and the Federal Reserve's first interest rate hike in over three years.
Market participants remained on high alert for volatility, particularly on quadruple witching day, which occurs four times a year. Derivative contracts tied to stock index futures, options, and single stock futures expire on this day, often leading to increased trading volume near the closing bell.
The benchmark S&P 500 declined 0.2% to 7,624.57 points, while the tech-heavy Nasdaq fell 0.1% to 26,388.76 points. The blue-chip Dow Jones Industrial Average dropped 0.4% to 51,570.21 points.
Despite elevated interest rates potentially denting stock appeal, many investors viewed the Fed's decision as a sign of its commitment to addressing inflation pressures and proving its independence from political pressure.