Stocks slide following Fed's rate hike, Dow sheds more than 500 points

(Image by Oleg Gamulinskiy from Pixabay)

(CNBC) -- Stocks tumbled on Wednesday as the Federal Reserve continued hiking rates, while at the same time acknowledging turmoil in the banking sector could slow the already fragile economy. Regional bank shares led the slide.

The Dow Jones Industrial Average traded 531 points lower, or 1.65%. The S&P 500 fell 1.63%, while the Nasdaq Composite declined 1.30%.

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At one point, the Dow was up as much as 201.29 points before turning lower. The S&P 500 and Nasdaq gained 0.9% and 1.3%, respectively, at their session highs.

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