U.S. stocks slumped after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.
While leaving the Fed’s main interest rate steady Wednesday, officials at the central bank also suggested they may cut rates next year by only half a percentage point.
High rates tend to hit high-growth stocks particularly hard, and Big Tech companies were among the market’s heaviest weights.
On Wednesday:
The S&P 500 fell 41.75 points, or 0.9%, to 4,402.20.
The Dow Jones Industrial Average fell 76.85 points, or 0.2%, to 34,440.88.
The Nasdaq composite fell 209.06 points, or 1.5%, to 13,469.13.
The Russell 2000 index of smaller companies fell 16.42 points, or 0.9% to 1,810.10.
For the year:
The S&P 500 is down 48.12 points, or 1.1%.
The Dow is down 177.36 points, or 0.5%.
The Nasdaq is down 239.21 points, or 1.7%
The Russell 2000 is down 36.93 points, or 2%.
For the year:
The S&P 500 is up 562.70 points, or 14.7%.
The Dow is up 1,293.63 points, or 3.9%.
The Nasdaq is up 3,002.65 points, or 28.7%
The Russell 2000 is up 48.86 points, or 2.8%.
Sourse: abcnews.go.com
