Oil Prices Jump Amid Fed Uncertainty, US Stocks Slip

Oil prices jumped again on Wednesday, as investors grew uncertain about what the Federal Reserve will do to combat high inflation. The uncertainty had a ripple effect on Wall Street, causing stocks to slip.

The S&P 500 fell 1.5% in a day of sharp fluctuations, while the Dow Jones Industrial Average dropped 1,153 points, or 2.2%. The Nasdaq composite also slumped 1.7%, falling 9.8% below its record set last month.

The Federal Reserve's decision on interest rates has become a major concern for investors, who are watching closely to see how it will impact the economy. With high inflation on the rise, many are worried that the Fed may raise interest rates to slow down economic growth.