The markets, as expected were quiet today ahead of the Federal Reserve rate announcement, but that all changed as it was announced that rates would be increased by 25 basis points. After whipsawing back and forth the Dow 30 closed lower on the day by 44, the S&P 500 lost 5, and the Nasdaq 100 sold off 19 on the day. Gold and Oil were two stand outs today with 2%, and 3% gains respectively.
General Mills (NYSE: GIS) was the worst performer in the S&P 500 today as the stock lost 9% on the day. The company announced earnings that beat expectations but said that increased costs might hurt it's growth forecast going forward. Shares broke to new lows on the day and are now lower on the year by almost 25%.
Nordstrom's (NYSE: JWN) made headlines today as the company announced that it has ended discussions with the Nordstrom family about taking the company private. The company said that they could not agree on a price and therefore discussions have ended. Wall Street analysts are anxious to see if they will change their reporting metrics now that they are staying public. Shares were lower on the day by 3.36%.
Shares of Southwest Airlines (NYSE: LUV) were lower on the day by 4.5% as the airline said they are struggling with persistently low airfares. The company announced expectations going forward that are lower than Wall Street's expectations, saying that "competitive fare environments continue to pressure revenue yields." Shares of most other airlines were also lower on the day due to this news along with weather related cancellations.