NEW YORK (AP) – U.S. stocks are mostly lower in early trading Thursday after a big rally the day before. Mining companies fell along with the price of gold and copper, while a proposed Congressional budget deal sent solar power companies higher. Indexes jumped Wednesday after the Federal Reserve raised interest rates for the first time in nearly a decade.
KEEPING SCORE: The Dow Jones industrial average declined 66 points, or 0.4 percent, to 17,680 as of 10:18 a.m. Eastern. The Standard & Poor’s 500 index fell 11points, or 0.6 percent, to 2,061. The Nasdaq composite index lost nine points, or 0.2 percent, to 5,062.
FED GAINS FADE: Stocks jumped Wednesday after the Federal Reserve raised interest rates, a long-expected vote of confidence in the U.S. economy. Investors were encouraged that the Fed emphasized that further increases will be gradual. The Fed hadn’t raised interest rates since 2006. The S&P 500 finished the day 1.5 percent higher.
FEDEX DELIVERS: Shipping company FedEx said its quarterly profit grew as online shopping increased and costs in its express-delivery business came down. FedEx also said it thinks holiday shipments will rise by more than 12 percent from a year ago. FedEx rose $4.05, or 2.7 percent, to $152.88.
AVON GETS A CALL: Avon Products rose after the beauty products retailer said it will sell its North American business to Cerberus Capital Management for $170 million. Cerberus will also invest $435 million in the remaining Avon business. Avon gained 31 cents, or 7.5 percent, to $4.40.