Key Points Investors weren't eager to buy or hold precious metals. That tends to happen when interest rates are hiked. 10 stocks we like better than Newmont › When interest rates are raised, non-interest-bearing assets tend to take a hit. That was the dynamic behind the decline in precious-metals miner Newmont 's (NYSE: NEM) stock on Wednesday. Investors were particularly eager to sell the shares after the Federal Reserve's (Fed) announcement that it had raised the target range for its key rate. Newmont closed the day nearly 2% lower. Less precious than before The Fed's increase of said target (by 25 basis points) didn't exactly come as a surprise, given the persistence of inflation.
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