Stocks Ended Sharply Lower after Fed Raised Rates

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.