Stocks Sink After Fed News

Dow sees abrupt swing lower
By Newser Editors and Wire Services
Posted Dec 19, 2018 3:21 PM CST
Stocks Sink After Fed News
Stock traders work at the New York Stock Exchange, Wednesday, Dec. 19, 2018.   (AP Photo/Mark Lennihan)

Stocks closed broadly lower in choppy trading after the Federal Reserve raised interest rates for the fourth time this year and said more hikes were on the way given the strength of the economy, the AP reports. The Fed's decision Wednesday, and comments by Fed Chairman Jerome Powell, didn't go as far as some investors had hoped in signaling a sharper slowdown in rate increases. The Dow Jones Industrial Average went from a gain of 381 to a loss of 351 points, its latest abrupt swing lower in recent days. The Dow closed with a loss of about 1.5%. The S&P 500 index, a broader measure, also lost 1.5%, falling 39 points to 2,506. The Nasdaq composite fell 147 points, or 2.2%, to 6,636. (More stock market stories.)

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