Dow Jones Plunges 200 Points Amid Oil Price Surge and Treasury Yield Hike

The Dow Jones Industrial Average dropped 200 points on Wednesday as oil prices topped $109 and treasury yields remained high, ahead of the Federal Reserve's decision on interest rates. The index fell to 51,943.05, down 0.29% from its opening figure of 52,002.01.

Despite a rise in US stocks overall, the Dow was under pressure due to falls in key stocks such as American Express and IBM, which lost 2.77% and 2.71%, respectively. However, Intel surged 7%, driven by a Reuters report that SK Hynix is exploring US memory-chip manufacturing with the company.

Meanwhile, the Nasdaq Composite climbed 165.37 points or 0.64%, to 26,146.94, and the S&P 500 added 20.89 points or 0.28%, to 7,606.62. The Federal Reserve's decision is set to influence market trends, with traders seeing a 93% probability of a 25bps hike.