Fed Rate Hike Triggers US Stock Decline

US stocks experienced a decline on Wednesday after the Federal Reserve raised its main interest rate for the first time in three years. The move was intended to combat high inflation, but it also sparked concerns about further rate hikes.

The S&P 500 dropped by 0.4%, erasing an earlier modest gain. The Dow Jones Industrial Average fell significantly, losing 631 points or 1.2%. Meanwhile, the Nasdaq composite remained relatively unchanged after a slight decline of less than 0.1%.