US Stocks Close Lower Following Federal Reserve Rate Hike
New York, Sept. 16 (Petra) -- The Dow Jones Industrial Average dropped 630 points, or 1.21 percent, on Wednesday to close at 51,462 points.
The decline followed a unanimous decision by the US Federal Reserve earlier in the day to raise its benchmark interest rate by a quarter-percentage point (25 basis points) in a bid to curb persistent inflation and cool the economy.
Following Wednesday's trading session, the tech-heavy Nasdaq Composite Index slid 3 points to settle at 25,978 points, while the broad-based S&P 500 Index fell approximately 33 points, or 0.44 percent, to finish at 7,552 points.
Meanwhile, US West Texas Intermediate (WTI) crude oil prices plummeted nearly $4 to settle at $101.88 per barrel.
//Petra// AF
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment