U.S. Stocks Plummet as Fed Raises Rates Amid Inflation Concerns

U.S. stocks tumbled on Wednesday after the Federal Reserve raised interest rates for the first time since 2023.

Fed Chair Kevin Warsh told a news conference that 'underlying growth is higher' but noted that inflation has been a problem for more than five and a half years.

The Dow Jones took the brunt of the sell-off, falling 631.21 points or 1.21 percent to close at 51,461.90 on volume of 390.831 million.