Wall Street ends down on mostly negative week

Stocks on Wall Street fell in a choppy session Friday as investors digested the Federal Reserve’s decision this week to end its stimulus faster. Big tech stocks and economically sensitive cyclical stocks, which had gained on that Fed announcement, led the market downturn.

Jackson Square Capital Portfolio Manager Andrew Graham says investors now realize the central bank will likely hike interest rates sooner than they had thought.

“The last time they ended QE right, the Fed started a tightening cycle. They ended QE and then they talked about a gap or a time lag before they would start raising interest rates before liftoff. That's not here now. They're talking about not needing a gap, being able to raise interest rates immediately after ending QE, so that pulled things forward a little bit. I think that wasn't priced in, it's it being priced in right now.”

The Dow fell 1.3%. The S&P 500 gave up three-quarter percent. And the Nasdaq inched down about a tenth percent. For the week, all three indexes posted sharp losses.

Shares of Oracle dropped. The Wall Street Journal reported the software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion.

FedEx shares shot higher. The package delivery company reinstated its original full-year earnings forecast after lowering it in September.

Shares of meme stock AMC jumped 19%. The world’s largest cinema chain said over a million people watched “Spider-Man: No Way Home” at its U.S. theaters, a record opening for a movie across its theaters in December.

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