US stocks: Wall Street ends lower after Fed hikes interest rates, sees more tightening ahead
All three major indices closed lower for the day
On September 16, the three major US stock indices closed lower as the Federal Reserve raised its key interest rate for the first time in over three years. The move came in response to persistently high inflation, driven by soaring crude oil prices amid the US-Israeli war on Iran. Fed Chair Kevin Warsh stated that while the economy has strengthened since the last meeting, inflation has remained above the 2% target for five years.
The Dow Jones Industrial Average dropped 631.33 points, or 1.21%, to 51,461.78, while the S&P 500 fell 33.59 points, or 0.44%, to 7,552.14. The Nasdaq Composite gained slightly, ending 0.01% lower at 25,978.43. Tech shares led the gains among the S&P 500's 11 major sectors, while energy stocks, affected by easing crude prices, saw the largest percentage decline. Chevron and ExxonMobil each dropped 2.9% and 3.5%, respectively.
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