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Wednesday, December 19, 2018

Dow Dives 350 Points, Closes At New Low For The Year After Fed Hikes Rates

By: Thomas Franck

  • Dow, S&P 500 and Nasdaq all hit new lows for 2018 after the Fed hiked interest rates.
  • The Dow gave up a 381 point gain and closed 351 points lower.
  • The major indexes rolled over after Fed Chair Powell said the central bank would continue to shrink its balance sheet, tightening financial conditions.

U.S. stocks sank Wednesday in a wild session after the Federal Reserve raised its benchmark overnight lending rate for the fourth time this year.

The Dow Jones Industrial Average fell 351.98 points and closed at its lowest level so far this year at 23,323.66, erasing a 380 point gain that came prior to the Fed decision. The broad S&P 500 index also closed at a 2018 low, falling 1.5 percent to finish at 2,506.96 as technology and banks stocks rolled over. The Nasdaq Composite fell 2.1 percent to 6,636.83, its own 2018 closing low with shares of Apple losing more than 3 percent.

The major indexes all hit intraday lows for the year as well.

Read more at CNBC.

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