Shares of telecommunications companies fell amid bets the Federal Reserve would raise rates in June, after all.
Weakness in some economic data and doubts about the outlook for the federal budget had prompted some investors to rotate back into defensive sectors in recent weeks. But the Fed's statement Wednesday indicated that the central bank's rate-hike plan remains intact, at least for now.
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Shares of New York Times rallied after the newspaper publisher said it experienced the largest quarterly increase in subscribers in its history, fueled by interest in the new administration of President Donald Trump.
The National Football League struck a deal with Verizon Communications to stream one regular-season game in the coming season, as the league bets a single free Internet game will lure more users and advertising dollars to paid platforms.
-By Rob Curran, email@example.com
(END) Dow Jones Newswires
May 03, 2017 17:05 ET (21:05 GMT)