Dow sinks 330 points, leading a broad selloff following Fed interest-rate cut
U.S. stocks tumbled Wednesday afternoon after the Federal Reserve cut interest rates, as expected, but indicated it was in no rush to deliver further easing. The Dow Jones Industrial Average DJIA, -1.23% lost about 325 points, or 1.2%, closing at about 26,882. The Dow was down nearly 500 points during Fed Chair Jerome Powell's afternoon press conference. The S&P 500 SPX, -1.09% fell 30 points, 1%, and closed at 2,983. The Nasdaq COMP, -1.19% closed at 8,182, lower by 93 points or 1.1%.
which closed more than 2% higher after a rosy earnings report on Tuesday afternoon.
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