Market Reacts to Fed's Rate Decision: S&P 500 and Nasdaq Rise, UnitedHealth Falls

The US stock market fell after the Federal Reserve signaled that borrowing costs will likely rise by another half of a percentage point by the end of this year. The S&P 500 traded lower, reversing early gains after the US central bank reacted to a stronger-than-expected economy and a slower decline in inflation. UnitedHealth Group tumbled 7.6% after the health insurer warned of a spike in medical costs in the second quarter as more older adults undergo non-urgent procedures they had delayed during the pandemic.