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. The Dow shed 1.63%. The S&P 500 fell 1.65%. The Nasdaq lost 1.60%.
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.
Regional bank shares declined on Wednesday following the rate hike announcement and Treasury Secretary Janet Yellen's statement that the Treasury is not considering a broad increase in deposit insurance. TheMeanwhile, Fed Chairman Jerome Powell noted that bank deposit flows had stabilized over the last week after the central bank and regulators moved to backstop depositors.
"The question for us though is how significant will that be and what would be the extent of it and what would be the duration of it," he said, adding that "rate cuts are not in our base case."Bank crisis may have kept market from retesting lows, TradeStation vice president says "Market watchers could interpret today's rate bump as support for the Fed viewing recent bank woes as idiosyncratic, which is a good thing for those worrying about systemic cracks in the system," he said.
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