Wall Street Takes a Hit After Fed's Decision

In a surprising turn of events, major stock indexes on Wall Street experienced a significant drop this Wednesday. The downturn came right after the United States Federal Reserve's Federal Open Market Committee (FOMC) announced their decision to keep interest rates unchanged, maintaining them at a range between 4.25% and 4.50%.

Market Reaction

By 2:11 pm ET, the Dow Jones Industrial Average had fallen by 0.49%, or 234 points. Similarly, the Nasdaq 100 saw a decrease of 0.79%, and the S&P 500 dropped by 0.82%. This market reaction underscores the sensitivity of Wall Street to the Federal Reserve's monetary policy decisions.

Currency Impact

In addition to the stock market's response, the euro also experienced a downturn, trading 0.28% lower against the American dollar, with the exchange rate moving to 1.04019. This shift highlights the interconnectedness of global financial markets and the ripple effects of the Federal Reserve's decisions.