Dow falls after US Federal Reserve announced rate hike

US stocks fell for the third straight day on Wednesday after the US Federal Reserve hiked interest rates.

The Dow Jones Industrial Average fell 522.52 points, or 1.7%, to 30,183.71. The S&P 500 fell 66.11 points, or 1.71%, to 3,789.82 and the Nasdaq Composite fell 204.86 points, or 1.79%, to 11,220.19.

The Fed approved its third straight rate hike of 0.75 percentage points to bring down inflation. The Fed signaled that it would aggressively raise rates into next year.

Among technology stocks that fell was Apple (AAPL), which closed at $153.72, down $3.18, or 2.03%. Microsoft (MSFT) shares fell $3.50, or 1.44%, to close at $238.95.

“You can only steer the ship toward the storm for so long, but there comes a time when you have to close the hatches, and with the Fed’s third straight 75 basis point rate hike in the last four months, market participants should be watching weather the storm ahead,” Charlie Ripley, senior investment strategist at Allianz Investment Management, told CNBC.

https://www.ibtimes.com.au/stock-market-today-dow-drops-after-federal-reserve-announces-interest-rate-hike-1838611?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Dow falls after US Federal Reserve announced rate hike

Fry Electronics Team

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