Dow sinks 350 points to new 2018 low after Fed raises key rate
Stocks ended sharply lower Wednesday in a wild session after the Federal Reserve raised its benchmark overnight lending rate for the fourth time this year.
The Dow Jones fell 351 points and closed at its lowest level so far this year, erasing a 380-point gain that came before the Fed's decision. The broad S&P 500 index shed 1.5 percent as technology and banks stocks rolled over. The Nasdaq lost 2.1 percent with shares of Apple losing more than 3 percent.
For traders, the Fed's statement and Chairman Jerome Powell's subsequent press conference did not suggest that the central bank would slow its pace of rate hikes as quickly as some hoped. Markets took a leg lower during Powell's comments that the central bank would continue to reduce the size of its balance sheet at the current pac
The Dow and S&P 500, which are both in corrections, are on track for their worst December performance since the Great Depression in 1931, down more than 8 percent and 9 percent, respectively, this month. The S&P 500 is now in the red for 2018 by 6.3 percent.
https://www.msn.com/en-us/money/markets/dow-sinks-350-points-to-new-2018-low-after-fed-raises-key-rate/ar-BBRaa5D?li=BBnb7Kz
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