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Stocks slide following Fed’s rate hike, Dow sheds more than 500 points: Live updates

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Stocks 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%.

At one point, the Dow was up as much as 201.29 points before turning lower. The S&P 500 and Nasdaq gained 0.9% and 1.3%, respectively, at their session highs.

Regional bank shares declined on Wednesday following the rate hike announcement and Treasury Secretary Janet Yellen's statement that the Treasury is not considering a broad increase in deposit insurance. TheMeanwhile, Fed Chairman Jerome Powell noted that bank deposit flows had stabilized over the last week after the central bank and regulators moved to backstop depositors.

"The question for us though is how significant will that be and what would be the extent of it and what would be the duration of it," he said, adding that "rate cuts are not in our base case."Bank crisis may have kept market from retesting lows, TradeStation vice president says "Market watchers could interpret today's rate bump as support for the Fed viewing recent bank woes as idiosyncratic, which is a good thing for those worrying about systemic cracks in the system," he said.

 

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Another day in BuildBackBiden

Just mentioning Janet Yellen's name took the market down.

It was comments by Janet Yellen that caused the sell off. What ever happened to honest reporting? 🤔

It was Grandma Yellen brain farting? Report the truth?

Stock market= House of cards, please don’t allow the sheep herders to convince you that stocks are real

You see all the fun and cheering - inflation is very high - when this market is done falling - heads won’t wanna cheer like that at the end of the closing bell

Stocks fell bc it was a classic wall street rugpull. There was nothing new we found today and it matched everyone's expectations for rate hike. There was no reason for the market to crash today other than stock manipulation.

Thanks to Big Guy

Thanks joe Biden

Overtime Bailouts and rate hikes. So American it hurts.

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.

powell has done nothing but screw this up from the beginning. good bye 401k

And also kind of indicated said no pause on rate hikes this year

DIDN'T JIM CRAMER JUST SAY DON'T SHORT THE NASDAQ. LMAO HE IS THE BEST INDICATOR IN THE WRONG DIRECTION. jimcramer

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