The Dow Jones Industrial Average was eroding firmer gains late Wednesday afternoon, as shares of Apple’s were turning sharply south. The move follows a triple-digit advance for the Dow [: DJIA] as investors digested to the Federal Reserve, under newly appointed Chairman Jerome Powell, which lifted short-term interest rates by a quarter point to a range of 1.50% to 1.75%, as expected, but offered a more tempered outlook for future rates. Apples shares , meanwhile, were down 1.8%, or $3.12, cutting about 20 points from the price-weighted average. A $1 move in any one of the benchmark’s components equates to a swing of 6.89 points. The Dow was most recently up 53 points, or 0.2%, at 24,775, while the S&P 500 index was up 0.1% at 2,719. The technology-laden Nasdaq Composite Index was down 0.1% at 7,356.
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