Stocks went wild following a highly anticipated rate hike decision from the Federal Reserve, with the Dow surging more than 300 points before settling with a 505-point drop. The S&P 500 and Nasdaq, meanwhile, settled with more than 2% losses. As expected, the central bank lifted interest rates by 75 basis points, marking its fourth-consecutive rate hike and the highest level since 2008, in an attempt to beat back rising inflation levels.

However, new comments from the Fed saying it will "take into account" the ways in which tightened monetary policy affects the health of the economy read to some as a promise that this string of rate hikes will soon slow. Jerome Powell quickly dampened some of this optimism, though, noting that "we still have some ways to go" and that "the ultimate level of interest rates will be higher than previously expected." 

The Dow Jones Average (DJI - 32,147.76) dropped 505.4 points or 1.6% for the day. Boeing (BA) led the gainers, adding 2.8%, while Salesforce (CRM) paced the laggards with a 6.1% loss.

The S&P 500 Index (SPX - 3,759.69) shed 96.4 points or 2.5% for the day. The Nasdaq Composite (IXIC - 10,524.80) fell 366.1 points or 3.4% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.86) gained 0.05 points or 0.2% for the session.

OIL PRICES HIT 3-WEEK HIGH AS SUPPLIES DROP

Oil prices hit their highest level since Oct. 10 after the Energy Information Administration (EIA) reported a weekly drop in U.S. crude and gas inventories, while recent news that Iran could have plans to attack Saudi Arabia also boosted prices. December-dated crude popped $1.63, or 1.8%, to finish at $90 per barrel.

Gold prices eked out a win today, following the Fed's rate hike news. December-dated gold added 30 cents, to settle at $1,650 an ounce.

More By This Author:

Stocks Lower Ahead Of Fed Rate Decision
Fed Fatigue Wears On Stocks To Start November
Investors Wary Of Potential Fed Response To Resilient Labor Market