Stocks are lower following a huge comeback on Wednesday after the Federal Reserve’s message that it will not raise interest rates until at least June.
Near 11:10 am ET, the S&P 500 was down 9 points, the Dow was down 87 points, and the Nasdaq was up 8 points.
Crude oil has also turned around after a post-Fed rally. West Texas Intermediate crude fell by more than 3% and traded at $US45.25 per barrel.
On Wednesday, the Energy Information Administration said US crude inventories are still at their highest levels in at least 80 years.
The dollar is higher after it suddenly tanked by more than 2.5% in late afternoon trading yesterday. The dollar index, which measures the currency against its major peers, climbed back above 99.0.
Apple is now on the Dow. The world’s most valuable company replaced AT&T after trading closed yesterday. The Dow is price-weighted, meaning that stocks with the highest prices cause the most movements in the index. And Business Insider’s Sam Ro has calculated how much future moves in Apple’s stock will affect the Dow.
In economic data out this morning, initial jobless claims beat expectations last week, climbing to 291,000 from 290,000 the previous week, above the forecast of 293,000.
But the Philadelphia Fed’s report on manufacturing activity in March missed expectations, down 5.0 from 5.2 in February, with a forecast of 7.0.
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