Closing Bell: Fed Ups 2017 Forecast For Pace of Hikes; U.S. Stocks Fall From Records

Wall Street sank Wednesday after the Fed upped its forecasts for the pace of interest rate hikes next year.

Author:: Keris Alison Lahiff
Publish date:: Dec 14, 2016 4:18 PM EST

U.S. stocks pulled into the red Wednesday afternoon after spending much of the day bouncing around the flatline. Wall Street sank after the Fed upped its forecasts for the pace of interest rate hikes next year. The central bank anticipates three increases in 2017. The central bank opted to hike interest rates by 25 basis points points in a unanimous decision. The increase was just the Fed's second in around a decade. Nvidia (NVDA) - Get Report jumped after Evercore upped its rating to BUY from HOLD. The firm revised its outlook on positive forecasts for demand in artificial intelligence chips in TWENTY SEVENTEEN. Kroger (KR) - Get Report was upgraded to NEUTRAL from UNDERWEIGHT at Piper Jaffray. Analysts said the company is leveraged to potential food inflation.