MARKET CLOSE: NZ shares fall as world waits on the Fed

Wed, 10 Jun 2020

New Zealand shares dipped, taking a lead from Wall Street as investors began taking profit on recent gains and before the US Federal Reserve makes its first economic forecasts since the pandemic struck. The S&P/NZX 50 Index fell 38.17 points, or 0.3 percent, to 11,260.52. Within the index, 10 stocks rose, 31 fell, and nine were unchanged. Turnover was $188 million. Wall Street’s upwards momentum subsided ahead of the Federal Reserve meeting. The Fed had shared a favourable outlook in December, when the coronavirus was largely unknown, but...

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