Technology stocks turned sharply lower after the Federal Reserve raised interest rates, with most of the "FAANG" stocks swinging from gains to losses. Shares of Facebook Inc. dropped 0.7% in afternoon trade, after being up about 0.6% just before the Fed's announcement at 2 p.m. ET. Among other FAANG companies, shares of Apple Inc. extended losses to 1.2% after being down just 0.7% pre-Fed; Amazon.com Inc. swung to a loss of 0.7% from a pre-Fed gain of 0.2%; Netflix Inc. went from a gain of 0.1% pre-Fed to a current decline of 0.8%; Google parent Alphabet Inc. was down 0.5%, reversing a pre-Fed gain of 0.6%. The SPDR Technology Select Sector ETF extended losses to 0.7% from 0.1% pre-Fed. In comparison, the S&P 500 went from a pre-Fed loss of 0.1% to a current loss of 0.2%.
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