Economics
U.S. Stocks Decline After Fed Rally as Energy Shares Retreat
This article is for subscribers only.
U.S. stocks fell, after a rally Wednesday on the Federal Reserve’s policy statement, as banks retreated and energy companies slumped with the price of oil.
Transocean Ltd. and Chesapeake Energy Corp. dropped more than 4.4 percent to pace declines in energy stocks after the group posted their best gain in a month yesterday. Citigroup Inc. and Morgan Stanley fell more than 1.7 percent. The Nasdaq Biotechnology Index rose 1.9 percent to a record. Apple Inc. slid in its first day in the Dow Jones Industrial Average.