Strengthening economy prompts rate hike, markets close lower

The Federal Reserve increased interest rates by 0.25%, indicated that at least two additional interest rate hikes were possible and upgraded its outlook for the economy. The markets retreated to close lower with the Dow losing 44 points to 24,682. Nasdaq fell 19 points to 7345.


On the upside


ArQule (Nasdaq: ARQL) will present at the 17th Annual Needham Healthcare Conference on March 27, 2018.


Geron (Nasdaq: GERN) will present at the 17th Annual Needham Healthcare Conference on Tuesday, March 27, 2018.


Prothena (Nasdaq: PRTA) entered a global collaboration agreement with Celgene (Nasdaq: CELG) to develop new therapies for neurodegenerative diseases.

On the downside


Alder BioPharmaceuticals (Nasdaq: ALDR) named Paul B. Cleveland to the position of interim president and chief executive officer effective immediately to replace Randall C. Schatzmann.


Shares of Wayfair (NYSE: W) fell after rival Overstock (Nasdaq: OSTK) unveiled an augmented reality feature to its shopping app.


Micro Focus International (NYSE: MFGP) stock extended its losses.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 lost 5 points to 2,711. Bitcoin tumbled $109 to $8,880.


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