On Wednesday, US stocks fell for a third day in a row after the Federal Reserve raised interest rates.
The Dow Jones Industrial Average fell 522.52 points, or 1.7 percent, to 30,183.71. The Standard & Poor’s 500 Index fell 66.11 points, or 1.71%, to 3789.82 points, and the Nasdaq Composite Index fell 204.86 points, or 1.79%, to 11,220.19 points.
The Federal Reserve agreed to raise the interest rate for the third time in a row by 0.75% to reduce inflation. The Fed has indicated that it will continue to raise interest rates aggressively next year.
“You can only steer the ship toward the storm for a long time, but eventually there will come a time when you need to control the openings and with the Fed’s third consecutive rate hike of 75 basis points in the past four months, market participants should look to cover up the face of Storm Coming,” Charlie Ripley, senior investment analyst at Allianz Investment Management, Tell CNBC.