Why Marriott Stock Was Down 5.6% Today
Shares of Marriott International (NASDAQ: MAR) fell 5.6% on Wednesday, closing at $148.17. They closed at the low point of the day as the stock dropped precipitously in the afternoon, along with the overall market.
The major indexes were all up in the morning in anticipation of the announcement by the Federal Reserve Board on interest rates, but after that announcement came, the indexes all plummeted. The Dow Jones Industrial Average finished the day down 522 points (1.7%), while the S&P 500 dropped 66 points (1.7%), and the Nasdaq dropped 205 points (1.8%).
The Federal Reserve Board meeting was the big news of the day and the board, as expected, raised interest rates by 75 basis points for the third straight time. The benchmark rate is now in the 3% to 3.25% range. This is the highest rates have been since 2008.
Source Fool.com
