US Stocks Plummet as Fed Holds Interest Rates Steady Amid Rising Oil Prices

US stocks plummeted on Wednesday after the Federal Reserve left interest rates unchanged at 3.5% to 3.75%, despite rising inflation concerns.

The Dow Jones Industrial Average fell by over 1,100 points, while the Nasdaq and S&P 500 each lost more than 1.5% of their value.

Investors were spooked by renewed fighting in the Middle East, which pushed Brent crude oil prices above $91 a barrel, up from a low of $72 this month.

The Fed's decision to keep interest rates steady was met with skepticism, as inflation remains above its 2% target.