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June 17, 2021, 9:41 a.m. EDT

U.S. stock market attempts to claw back gains Thursday as investors weigh hawkish Fed and punchy U.S. dollar

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By Mark Decambre

U.S. stock benchmarks struggled for altitude Thursday morning, a day after the Federal Reserve signaled its intention to raise interest rates sooner than previously forecast and upped its forecast for inflation and economic growth. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.30% , which closed below its 50-day moving average on wednesday for the first time since early March, was inching higher at 34,059, up 25 points, or less than 0.1%; the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.89% was rising to 4,229, up 4 points, buoyed by gains in financials and consumer staples. The technology-laden Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -2.72% was trading at 14,059, up 0.1%, as rates for benchmark government debt remained somewhat buoyant, weighing on yield-sensitive sectors. On Wednesday, the Fed's median projection showed that policy makers see a lift to benchmark rates, currently at a range between 0% and 0.25%, to 0.6% by the end of 2023, sooner than they anticipated in March. Thursday's moves come as the U.S. dollar has made bullish post-Fed moves. The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.10% , a gauge of the dollar against a half-dozen currencies, was up 0.6% at 91.69.

US : Dow Jones Global
-450.02 -1.30%
Volume: 523.88M
Jan. 21, 2022 4:52p
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
US : Nasdaq
-385.10 -2.72%
Volume: 5.01M
Jan. 21, 2022 5:16p
US : U.S.: ICE Futures U.S.
-0.10 -0.10%
Volume: 0.00
Jan. 21, 2022 4:59p

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