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Stocks slide after Fed pauses, hints at higher interest rates for longer: Stock market news today

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Stocks were mixed Wednesday as Wall Street digested the Federal Reserve's decision to hold interest rates steady as expected.

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NEW YORK — U.S. stocks slumped after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The S&P 500 fell 0.9% Wednesday. The Dow lost 76 points, and the Nasdaq composite pulled back 1.5%. While leaving the Fed’s main interest rate steady, officials at the central bank also suggested they may cut rates next year by only half a percentage point.

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