Stocks Plummet as Fed Rate Decision Looms

U.S. stocks took a hit on Tuesday as investors braced for the Federal Reserve's interest rate decision on Wednesday.

The Dow Jones Industrial Average plummeted by 328 points, or 0.63%, to close at 52,093.11, while the S&P 500 shed 34.25 points, or 0.45%, to finish at 7,585.73.

According to Melissa Brown, global head of investment decision research at SimCorp, investors are finally catching up with concerns over U.S. government debt topping $40 trillion, stubbornly high inflation, and oil prices surpassing $100 a barrel.