Stocks declined on Wednesday following the Federal Reserve’s decision to keep interest rates steady. Additionally, chip stocks continued their downward trend.
The Dow Jones Industrial Average dropped by 741 points, a decline of 1.4%. The S&P 500 decreased by 0.3%, while the Nasdaq Composite edged down by 0.1%.
Although the Fed maintained current interest rates as anticipated, three members of the Federal Open Market Committee (FOMC) voted in favor of a rate hike. Cleveland Fed President Beth Hammack, Neel Kashkari from the Minneapolis Fed, and Dallas Fed’s Lorie Logan all supported increasing rates.
Meanwhile, oil prices extended their gains after President Donald Trump told Fox News that the U.S. will respond strongly to Iran following the recent surprise attacks.
Source (CNBC)
