The S&P 500 extended its losses slightly on Thursday afternoon after a Federal Reserve statement, and energy stocks led the declines as oil prices fell.
The U.S. central bank said ongoing strong job gains and household spending were keeping the economy on track but business investment “moderated from its rapid pace earlier in the year,” creating a possible drag on future economic growth.
Aside from the Fed’s comment about business investments, many investors said the statement was largely as expected and suggested that the Fed’s next rate hike would be in December.
But some investors were hoping for a change in tone.
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