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U.S. stocks open lower after Fed statement

Xinhua, March 17, 2016 Adjust font size:

U.S. stocks opened lower on Thursday, as investors digested the U.S. Federal Reserve's policy announcement amid mixed economic data.

The Fed kept its benchmark short-term interest rates unchanged on Wednesday as widely expected, noting that "global economic and financial developments continue to pose risks" to the U.S. economy.

"I am wary and have not yet concluded that we have seen a significant uptick that will be lasting," Fed Chairwoman Janet Yellen told a news conference after a two-day policy meeting.

Many analysts said that the stock markets would witness more volatility in the coming months, as Wall Street speculates on the Fed's next move.

The Fed's updated projections showed that policymakers expected the federal funds rate to rise to around 0.9 percent at the end of 2016, implying two quarter-percentage-point rate increases this year, down from four increases estimated last December.

On the economic front, in the week ending March 12, the advance figure for seasonally adjusted initial jobless claims was 265,000, an increase of 7,000 from the previous week's revised level, the U.S. Labor Department announced Thursday.

Shortly after the opening bell, the Dow Jones Industrial Average lost 12.67 points, or 0.07 percent, to 17,313.09. The S&P 500 fell 3.40 points, or 0.17 percent, to 2,023.82. The Nasdaq Composite Index was down 15.76 points, or 0.33 percent, to 4,748.21. Endi