Stock Market News Today: Indexes drop on Fed rate hike, banking fears

US stocks dropped on Thursday a day after the Federal Reserve delivered its 10th consecutive interest rate hike and as fears of bank contagion continue to swirl.

The Fed raised rates by 25 basis-points to move the key level above 5% for the first time in 16 years, and while Jerome Powell softened some of the language around further policy, he maintained that it could still be too early to reverse course. "We on the committee have a view that inflation is going to come down not so quickly," he said Wednesday in a press conference."It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won't cut rates."

The European Central Bank also raised interest rates by 25 basis-points, with EU policymakers pointing to still-high inflation as reason for tightening. The bank's benchmark rate will move to 3.25% as of May 10. Meanwhile, banking fears are top of mind for investors once again, just days after the sale of First Republic to JPMorgan. After hours on Wednesday, shares of

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