Forex
US Stocks Plummet as Oil Prices Soar Amid Escalating Middle East Tensions
The US stock market closed sharply lower on Wednesday after the Federal Reserve kept interest rates unchanged despite high inflation, and oil prices surged due to escalating tensions in the Middle East.
The Dow Jones Industrial Average fell 2.2 percent to 51,594.14, while the S&P 500 dropped 1.5 percent to 7,316.15. The Nasdaq Composite lost 1.7 percent to 24,442.94.
Fed Chair Kevin Warsh emphasized the central bank's commitment to achieving price stability and returning inflation to its two percent target, but critics say this is unachievable without raising interest rates.