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(CNBC) -- Stocks fell in volatile trading Wednesday after the Federal Reserve raised rates by three-quarters of a point and forecast more sizable rate hikes in its fight against inflation, actions widely expected by traders.
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With the S&P 500 down more than 8% in the past month and 18% for 2022 heading into Wednesday’s Fed actions, stocks were already pricing in an aggressive tightening campaign by the Fed that could push the economy into a recession.
The Dow Jones Industrial Average last traded 294 points lower, or 0.9%, after being up as much as 314 points. The S&P 500 dipped 0.7%, and the Nasdaq Composite traded 0.7% lower.