Dow Loses 500 Points After Fed Announces Another Rate Hike

  • Stocks fell in volatile trading Wednesday after the Fed raised the rate and forecast more sizable rate hikes ahead in its fight against inflation.
  • The Dow Jones Industrial Average lost over 522 points, or 1.7%, while the S&P 500 dropped 1.71%, ending Wednesday’s session down more than 10% in the past month.
  • The Dow at its high was up more than 314 points.
  • This was the central bank’s third consecutive 75-basis-point rate hike over the past four months.
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