Why Affiliated Managers Group Stock Was Down Today
Affiliated Managers Group (NYSE: AMG), or AMG, saw its stock price fall on Wednesday, dropping as much as 14.8%. As of 2:45 p.m. ET, the share price was down 13.9%. The stock was trading at about $141 per share at that time, down about 11% year to date.
The major markets were all trending up on Wednesday as the S 500 index was up nine points (0.2%), the Dow Jones Industrial Average climbed 156 points (0.4%), and the Nasdaq Composite gained eight points (0.1%) as of 2:45 p.m. ET.
After being down all day, the markets spiked after 2 p.m. ET when the Federal Reserve announced that it had, as expected, raised interest rates by 25 basis points to the 5.25% to 5.50% range. The late surge may have been buoyed by the fact that Fed Chair Jerome Powell said further rate increases will be determined "meeting by meeting" and offered no guidance on future actions other than to say the Board wants to be sure inflation is "durably down."
Source Fool.com
