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April 28, 2016

Techs slump; markets up on Fed news

NEW YORK (AP) — U.S. stocks rose Wednesday after the Federal Reserve left its key interest rate unchanged, as investors expected. Energy companies climbed again as the price of oil came close to a six-month high. Technology stocks were battered following weak results from Apple and Twitter.

Stocks opened mostly lower in muted early trading, but they moved higher after the Fed released its decision on interest rates. Bond yields fell and investors bought high-dividend phone and utility companies instead. Thanks to the losses for tech stocks, the Nasdaq composite index fell for the fifth day in a row.


 
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