Stocks Opened Sharply Lower as Fed Uncertainty Weighed

U.S. stocks opened sharply lower on Friday as traders reacted to yesterday’s decision from the Federal Reserve to hold off rising rates. The Dow Jones Industrial Average lately dropped 279.77 points, or 1.68%, to 16,394.97. The S&P 500 fell 27.41 points, or 1.38%, to 1,962.79. The Nasdaq Composite was down 57.43 points, or 1.17%, to 4,836.52.

The Federal Reserve decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand.

JPMorgan Chase & Co’s (JPM.N) third-quarter markets revenue is running “about the same as everybody else,” Chief Executive Officer Jamie Dimon said on Friday.

Apple Inc.’s (AAPL) iPhone unit shipments will be boosted in the December quarter by a calendar shift, that should add 2 to 2.5 million units to the total, RBC Capital Markets said Friday.

Freeport McMoRan Inc. (FCX) said Friday it has raised $1 billion in an at-the-market offering of common stock and filed to sell another up to $1 billion. The company said it plans to use the proceeds for general corporate purposes, including repayment of debt and financing of working capital.

Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy. Brent crude was down 65 cents at $48.43 a barrel at 1230 GMT, after touching an intraday high of $49.75. U.S. West Texas Intermediate (WTI) crude futures were trading down $1.30, or 2.8 percent, at $45.60 a barrel.