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U.S. stocks post mixed weekly results amid Fed decision, data
Last Updated: 2018-09-30 10:16 | Xinhua
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U.S. stocks posted mixed weekly results as investors digested Federal Reserve's latest decision on U.S. monetary policy as well as major economic data.

For the week, the Dow Jones Industrial Average was down 1.1 percent, the S&P 500 erased 0.5 percent, and the Nasdaq Composite Index rose 0.7 percent.

The Fed on Wednesday raised short-term interest rates by a quarter of a percentage point, its third rate hike this year and the eighth such move since late 2015.

"In view of realized and expected labor market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 2 to 2-1/4 percent," the central bank said in a statement after concluding a two-day meeting.

The Fed said the U.S. labor market has "continued to strengthen" and economic activity has been "rising at a strong rate," with household spending and business fixed investment growing "strongly."

The Fed also said both overall inflation and so-called core inflation for items other than food and energy "remain near" the central bank's target of 2 percent.

On the economic front, U.S. consumer sentiment tops triple digit mark for the third time since January 2004, according to the University of Michigan's monthly survey of consumers.

The index hit 100.1 in the final reading of September, below the 100.8 expected from economists polled by Reuters.

Meanwhile, U.S. personal income increased 60.3 billion U.S. dollars, or 0.3 percent in August, while personal consumption expenditures (PCE) increased 46.4 billion dollars, or 0.3 percent, the Commerce Department said Friday.

The number of Americans filing for unemployment benefits increased more than expected last week.

In the week ending Sept. 22, the advance figure for seasonally adjusted initial claims was 214,000, an increase of 12,000 from the previous week's revised level, said the labor department on Thursday. The previous week's level was revised up by 1,000 from 201,000 to 202,000.

The 4-week moving average was 206,250, an increase of 250 from the previous week's revised average. The previous week's average was revised up by 250 from 205,750 to 206,000, according to the department.

Home prices rose 6 percent annually in July, slower than that of June, according to the S&P Case-Shiller national index on Tuesday.

The Conference Board Consumer Confidence Index increased to 138.4 in September, up from 134.7 in August.

"Consumers' assessment of current conditions remains extremely favorable, bolstered by a strong economy and robust job growth," said Lynn Franco, director of economic indicators at the Conference Board.

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