NEW YORK (AP) — Stocks gave up an early rally and took a dive in afternoon trading after the Federal Reserve’s raised interest rates again and said it plans to keep raising them next year.
The Fed’s decision Wednesday, and comments by Fed Chairman Jerome Powell, didn’t go as far as some investors had hoped in signaling a sharper slowdown in rate increases.
The Dow Jones Industrial Average went from a gain of 381 to a loss of 351 points, its latest abrupt swing lower in recent days.
The Dow closed with a loss of about 1.5 percent. The S&P 500 index, a broader measure, also lost 1.5 percent, falling 39 points to 2,506.
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The Nasdaq composite fell 147 points, or 2.2 percent, to 6,636.
Bond prices rose, sending yields lower.