Stocks Finish Turbulent Session Lower After Rate Hikes

As expected, the Federal Reserve raised interest rates by another 75 basis points, while also indicating future rate hikes as the central bank stays aggressive to fight inflation. The market saw quite a bit of volatility before and after the announcement, with stocks plummeting in the last hour of trading. The Dow finished down 522 points, after earlier rising 314 points from its session peak, while the S&P 500 and Nasdaq dropped into the red as well. Meanwhile, the 2-year Treasury yield jumped above 4% for the first time since 2007. 

The Dow Jones Average (DJI - 30,183.78) fell 522.5 points or 1.7% for the day. Walmart (WMT) was the only winner with a 0.9% rise, while Caterpillar (CAT) landed at the bottom of the list with a 3.4% drop. 

The S&P 500 Index (SPX - 3,789.93) dropped 66 points, or 1.7% for the day, while the Nasdaq Composite (IXIC - 11,220.19) shed 204 points or 1.8%.

Lastly, the Cboe Volatility Index (VIX - 27.99) rose 0.8 points or 3.1%. 

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Gold Climbs From Lows

Oil prices moved lower for the second day, following the Fed's interest rate decision. November-dated West Texas Intermediate (WTI)  crude, the new front-month contract, fell $1, or 1.2%, to settle at $82.94 barrel.

Gold futures climbed today, after the last session hitting their lowest level since April 2020. December-dated gold added $4.60, or 0.3%, to $1,675.70 an ounce.   

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