Overnight, the Federal Open Market Committee (FOMC) raised its policy Fed Funds rate by 50 basis points to 4.25-4.50% as expected, taking the total quantum of increases in 2022 to 425 basis points, the biggest increase in a single year since the Fed Funds rate became the formal policy target in 1993. One basis point is 0.01%
US stocks: Dow, S&P slip as investors eye Mideast talks, earnings
Major stock indexes closed lower on Thursday, pausing after a strong start to the week. Investors digested corporate earnings and looked for progress toward a