Stocks staged a quick turnaround from their midday gains, pivoting lower after the conclusion of the Federal Reserve meeting. The Fed announced a 50 basis-point rate hike, bringing its benchmark interest rate to its highest level in 15 years, following four consecutive rate hikes of 75 basis points.

In his post-meeting presser, Fed Chairman Jerome Powell hinted at more rate hikes next year as the ongoing effort to fight inflation continues. All three major benchmarks finished lower, though far off their session lows, as the Dow was down over 400 points directly following the decision.

OIL RISES FOR THIRD-STRAIGHT DAY

Oil prices rose for the third day, after International Energy Agency raised its forecasts for oil demand growth. West Texas Intermediate (WTI) crude for January delivery added  $1.89, or 2.5%, to settle at $77.28 a barrel on the New York Mercantile Exchange.

Gold prices fell lower today following yesterday's surge. February-dated gold dropped $6.80, or 0.4%, to settle at $1,818.70 per ounce.  

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