9pm Markets Update: US stocks plunge on fears that interest rates will stay high

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The S&P 500 lost 1.6% for its worst day since March

Wall Street fell sharply in an ugly day for stocks worldwide on expectations that US interest rates will stay high well into next year.That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted.

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