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Dow closes 500 points lower after the Fed delivers another aggressive rate hike

'Market participants should be looking for cover to weather the upcoming storm'

By WND News Services
Published September 21, 2022 at 4:09pm

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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.

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.

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