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Wall Street Ticks up as Hawkish Fed Fears ebb; Apple Weighs
US stocks ended slightly higher on Wednesday after fears eased that the Federal Reserve would strongly signal it would raise interest rates in June, though a slump in Apple shares weighed on the Nasdaq index.
Stocks in the telecom and utilities sectors, seen as proxies for fixed income returns when Treasury yields are expected to remain low, rose sharply after the Fed's announcement.
That indicates market participants expect US government yields to remain subdued.
"The big takeaway here is they (the Fed) continued to be positive on the domestic economy," said John Bailer, senior portfolio manager at The Boston Company Asset Management.
"They have taken out some of the risk on the global economy." "It is slightly hawkish in my mind but not enough to get the market worried about it."
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