Wall Street gives back some of Wednesday’s gains despite lower unemployment numbers

JaysonPhotography/iStock/Thinkstock(NEW YORK) — One day after the Federal Reserve’s announcement that it would hike interest rates, Wall Street gave back some of the gains from Wednesday’s post-announcement rally.

The Dow Jones Industrial Average dipped 15.55 to a close of 20,934.55.

The Nasdaq gained 0.71 points, finishing the session at 5,900.76, while the S&P 500 ended the day at 2,381.38, down 3.88 from its open.

While the Fed cited economic growth and and strengthening labor market led to the decision to hike interest rates, the government’s unemployment report showed fewer Americans filed for benefits last week. That figure dropped by 2,000, following an early report that showed strong jobs growth.

Freddie Mac says mortgage rates rose this week, and with the interest rate hike coming, they’re expect to climb even more. The average rate on a 30-year loan is now 4.30 percent. Fifteen-year loans average a rate of 3.5 percent.

The Commerce Department said more people are building homes. Housing starts climbed by three percent last month. Most of that from single-family homes.

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