(The Associated Press circulated the following on September 16.)
NEW YORK — Shares of railroads maintained earlier losses after the Federal Reserve kept a key interest rate steady at 2 percent.
The Fed began lowering interest last September, in hopes of easing mounting credit woes. The last time the rate stood below 2 percent was in 2004.
In trading shortly after the announcement, shares of Union Pacific Corp. dropped $2.85, or 3.9 percent, to $69.67. Burlington Northern Santa Fe Corp. fell $2.78, or 2.8 percent, to $95.60 and CSX Corp. lost $3.15, or 5.4 percent, to $55.32.