Asian shares were mostly higher after the Federal Reserve raised interest rates to their highest level in more than two decades, just as Wall Street expected. | AP
A 0.25 percentage point hike would take the ECB’s benchmark rate to 4.25 percent.
The S&P 500 slipped less than 0.1 percent to 4,566.75, remaining near a 15-month high. The Dow Jones Industrial Average rose 0.2 percent to 35,520.12, and the Nasdaq composite slipped 0.1 percent, to 14,127.29. Meta Platforms, another member of the “Magnificent Seven,” reported its results after trading closed for the day. Its stock has soared 148 percent so far this year, while Alphabet and Microsoft are both up more than 40 percent.Boeing, meanwhile, helped prop up the Dow Jones Industrial Average, which has less of an emphasis on Big Tech than the S&P 500. The aircraft maker reported a smaller loss for the spring than analysts expected, and revenue topped expectations. Boeing’s stock rose 8.
The economy has so far defied predictions for a recession, largely because of a remarkably solid job market that has allowed U.S. households to keep spending. That has hopes rising that the Federal Reserve can pull off a “soft landing” for the economy where high inflation falls back to its target without a painful recession.
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