S&P 500 Dow Nasdaq drop. Fed hikes rates and says more ahead but maybe at slower pace.
Stocks closed broadly lower on Wall Street Wednesday after Fed eral Reserve Chair Jerome Powell signaled that the central bank will eventually need to bring rates higher than previously anticipated in order to tame the worst inflation in decades .The Fed announced its fourth straight extra-large rate increase of three-quarters of a percentage point as it fights the worst inflation in decades . The higher rates are intended to cool the economy, but markets fear the Fed may go too far and cause a recession.Treasury yields jumped while the S&P 500 fell 96.41 points, or 2.5%, to 3,759.69. The Dow Jones Industrial Average fell 505.44 points, or 1.5%, to 32,147.76, and the Nasdaq fell 366.05 points, or 3.4%, to 10,524.80.
Another big one:The Fed did it, again. How another supersize rate hike may shake up your finances.
Tracking the Fed :How the stock market has moved with all 6 of the Fed interest rate increases
Stocks closed broadly lower on Wall Street Wednesday after Federal Reserve Chair Jerome Powell signaled that the central bank will eventually need to bring rates higher than previously anticipated in order to tame the worst inflation in decades.
The Fed announced its fourth straight extra-large rate increase of three-quarters of a percentage point as it fights the worst inflation in decades.
Tracking the Fed:How the stock market has moved with all 6 of the Fed interest rate increases
