Dow skids 530 points, stocks close sharply lower after Fed raises rates, says cuts unlikely this year

U.S. stocks closed sharply lower on Wednesday, giving up earlier gains, after the Federal Reserve raises interest rates by 25 basis points as expected, but talked down the possibility of cuts to rates this year. The Dow Jones Industrial Average DJIA, -1.63% tumbled 531 points, or 1.6%, ending near 32,028, while the S&P 500 index SPX, -1.65% shed 1.7% and the Nasdaq Composite Index COMP, -1.60% closed down 1.6%, according to preliminary FactSet figures. Fed Chairman Jerome Powell said the U.

banking system remained resilient after it and regulators rolled out liquidity measures to help shore up confidence in the banking system after the collapse of Silicon Valley Bank and Signature Bank earlier in March. Powell also said that tighter credit conditions for consumers, following the bank failures, would likely work like rate hikes in terms of lowering inflation. It will be a key area of focus for the Fed in the coming weeks and months, he said. The 10-year Treasury rate TMUBMUSD10Y, 3.

Seems reasonable - I mean a whole 0.25% that’s really awful isn't it. Well worth a 530 point drop in the DJI.

JPowell just gave the key's to the economy to the Banksters addicted to QE. Basically today was you dump it then I'll pump it. Get ready for a recession then more QE.

Was the Fed the true primary driver OR could it have been Yellen’s comments on Deposit Insurance? Bloomberg said that the shift started as a result of Yellen

They are destroying the middle class and the poor. Democrats have destroyed America

Major outside day down

History MONEY

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Stocks slide following Fed’s rate hike, Dow sheds more than 500 points: Live updatesStocks tumbled on Wednesday as the Federal Reserve continued hiking rates, while at the same time acknowledging turmoil in the banking sector could slow the already fragile economy. The Dow shed 1.63%. The S&P 500 fell 1.65%. The Nasdaq lost 1.60%. DIDN'T JIM CRAMER JUST SAY DON'T SHORT THE NASDAQ. LMAO HE IS THE BEST INDICATOR IN THE WRONG DIRECTION. jimcramer And also kind of indicated said no pause on rate hikes this year SenWarren POTUS federalreserve WSJ business SquawkCNBC steveliesman Fed chair Powell is the destroyer of wealth keeping interest rates too low, too long. Now he’s running scared. The tougher he talks the weaker he appears. Financial calamity coming. Fire him.
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