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Banks stifle Wall Street rally following dovish Fed statement

Updated : March 21, 2019 07:25 AM IST

While all three major US stock indexes briefly reversed earlier losses following the Fed statement, only the Nasdaq ended the session in positive territory.
"The first reaction to a Fed statement is always the wrong reaction," said Art Hogan, chief market strategist at National Securities in New York. "Hey great, the ambulance got here, oh wait – we need an ambulance. The Fed to the rescue – oh wait we need the Fed to rescue us?"
Banks stifle Wall Street rally following dovish Fed statement

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