Major US stock markets closed lower on Wednesday minutes after the conclusion of Federal Reserve Chairman Jerome Powell's press conference and the release of the US Federal Reserve's latest interest rate decision.
During the session, the US Fed announced that it had decided to raise its policy rate by a quarter percentage, as expected by most analysts and market participants. Furthermore, Powell called for caution in the face of the recent banking crisis and indicated that the hikes are coming to an end.
At the close, the Dow Jones lost 1.63% or 530 points, with Nike sinking 4.88%. The Nasdaq 100 fell 1.37%, Datadog was leading the losses, decreasing by 5.00%. The S&P 500 declined by 1.65%, as First Republic dropped by 16.27%. The euro jumped by 0.91% against the dollar at 3:58 pm ET, selling for $1.08647.
