Stocks ended lower in bumpy trading on Wall Street after the Federal Reserve raised its benchmark interest rate in its fight against inflation and signaled that more hikes lay ahead.
As expected, the central bank raised its key short-term rate by half a percentage point Wednesday, marking its seventh increase this year. The Fed also said it expected to raise rates higher over the coming few years than it had previously anticipated.
The S&P 500 lost 0.6% after giving up an earlier gain of 0.9%. The Dow Jones Industrial Average fell 0.4% and the Nasdaq composite gave back 0.8%.
The S&P 500 fell 24.33 points, or 0.6%, to 3,995.32.
The Dow Jones Industrial Average fell 142.29 points, or 0.4%, to 33,966.35.
The Nasdaq fell 85.93 points, or 0.8%, to 11,170.89.
The Russell 2000 index of smaller companies fell 11.91 points, or 0.6%, to 1,820.45.
For the week:
The S&P 500 is up 60.94 points, or 1.5%.
The Dow is up 489.89 points, or 1.5%.
The Nasdaq is up 166.27 points, or 1.5%.
The Russell 2000 is up 23.79 points, or 1.3%.
For the year:
The S&P 500 is down 770.86 points, or 16.2%.
The Dow is down 2,371.95 points, or 6.5%.
The Nasdaq is down 4,474.08 points, or 28.6%.
The Russell 2000 is down 424.86 points, or 18.9%.
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