Stocks Ended Sharply Lower after Fed Raised Rates
- Wednesday, December 19, 2018, 16:26
- Stock Market
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U.S. stocks ended sharply lower on Wednesday, after Federal Reserve officials delivered their fourth rate hike of 2018. The Dow Jones Industrial Average fell 351.98 points, or 1.49%, to 23,323.66. The S&P 500 dropped 39.20 points, or 1.54%, to 2,506.96. The Nasdaq Composite tumbled 147.08 points, or 2.17%, to 6,636.83.
Oil futures finished higher Wednesday, buoyed by a third straight weekly decline in U.S. crude supplies. January West Texas Intermediate crude rose 96 cents, or 2.1%, to settle at $47.20 a barrel.February Brent added 98 cents, or 1.7%, to $57.42 a barrel.
The Federal Reserve on Wednesday raised interest rates for the fourth time this year. The Fed increased the target range for its benchmark interest rate by 25 basis points to a new band of 2.25%-2.5%, putting the Fed funds rate at its highest level since the spring of 2008.
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