Dow sinks 530 points after Fed rate hike

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Dow sinks 530 points after Fed rate hike

STORY: Dow sinks 530 points after Fed rate hike DATELINE: March 23, 2023 LENGTH: 00:02:28 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of New York Stock Exchange on Wall Street 2. various of the Federal Reserve 3. various of Fed Chair Jerome Powell making an announcement 4. various of a Signature Bank branch in Manhattan, New York STORYLINE: U.S. stocks fell sharply on Wednesday after the Federal Reserve raised rates by a quarter of a percentage point. The Dow Jones Industrial Average fell 530.49 points, or 1.63 percent, to 32,030.11. The S&P 500 dropped 65.90 points, or 1.65 percent, to 3,936.97. The Nasdaq Composite Index shed 190.15 points, or 1.60 percent, to 11,669.96. All the 11 primary S&P 500 sectors ended in red, with real estate and financials down 3.64 percent and 2.37 percent respectively, leading the slide. The Fed approved a 25 basis point rate hike at the conclusion of its two-day meeting on Wednesday, forging ahead with its fight against stubborn inflation despite fina

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