U.S. stocks fell for a third straight day on Wednesday after the Federal Reserve raised interest rates.
The Dow Jones Industrial Average fell 522.52 points, or 1.7%, to 30.183.71. The S&P 500 lost 66.11 points, or 1.71%, to 3,789.82 and the Nasdaq Composite lost 204.86 points, or 1.79%, to 11,220.19.
The Fed approved a third straight rate hike of 0.75 percentage point to lower inflation. The Fed has signaled that it will continue to raise interest rates sharply next year.
Some tech stocks that fell include Apple (apple), at $153.72, down $3.18, or 2.03 percent. Microsoft stock (Microsoft) fell $3.50, or 1.44 percent, to settle at $238.95.
“You can only steer the boat into the storm for so long, but eventually you need to hold down the hatches one day. With the Fed raising rates by 75 basis points for the third straight time in the past four months, market participants should be watching to fend off the impending storm,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. Tell NBC Finance Channel.
