Dow Dives To Lowest Point In 2018 After Fed Rate Hike

Dow Dives to Lowest Point in 2018 After Fed Rate Hike

The Dow Jones Industrial Average closed down 1.5 percent at 23,371 on Wednesday, the lowest close of year, on the heels of the Federal Reserve's controversial decision to raise interest rates a quarter of a point.

By the end of Wednesday's trading session, Wall Street had taken a pretty substantial hit. 

• The S&P 500 dropped 1.5 percent down to 2,506.
• The Nasdaq fell 2.29 percent, wrapping up the day near the 6,343 level.
• Facebook shares plummeted 7.25 percent while Twitter's shares declined approximately 2.40 percent. 
• FedEx shares declined 12.16 percent.

Policy makers at the US central bank increased interest rates for the fourth time in 2018 earlier that day. The Federal Reserve indicated that instead of hiking rates three times in 2019, it now forecasts doing so only twice. The Fed defied the wishes of US President Donald Trump, who has called himself a "low rate" guy, Sputnik reported.