Oil Prices Soar as US Stocks Plummet Ahead of Fed Interest Rate Decision

Oil prices surged again on Wednesday, while US stocks took a hit as investors waited for the Federal Reserve's decision on interest rates to tackle high inflation.

The S&P 500 index fell by 1.5% after experiencing significant fluctuations in the last hour of trading, with technology stocks being the main drag.

Meanwhile, the Dow Jones Industrial Average plummeted by 2.2%, dropping 1,153 points, and the Nasdaq composite slumped by 1.7% to fall below its record set last month by a significant margin of 9.8%.