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Major stocks went further down on Wall Street after the U.S. Federal Reserve hiked rates for the fourth time this year. The Dow Jones Industrial Average dropped 351.98 points to close the session at 23, 323.66 after clearing its earlier gains of 380 points. The S&P 500 fell 1.5 percent to its new low of 2018 to 2,506.96 as banks and technology shares fell over.

Also, the Nasdaq Composite declined 2.1 percent to close at 6,636.83 as Apple shares lost more than 3 percent. Consumer companies like Amazon, Target, Nordstrom, and Newell Brands shed more than 3 percent after the Fed’s announcement. Banks like Wells Fargo and Citigroup lost about 1.5 percent. Boeing shares also slipped 2.5 percent, the United States Steel Corp shed 6 percent, and 3M lost 2.3 percent.

Meanwhile, Facebook shares drastically lost more than 7 percent after the company admitted that it allowed big tech companies including Spotify, the Royal Bank of Canada, and Netflix to read, delete, and write users’ private messages.

On the other hand, Asian markets were also down after the Fed’s announcement. Over in Greater China, the Shenzhen Composite and the Shanghai Composite were slightly lower. The Hang Seng index of Hong Kong shed 0.41 percent to arrive at 25,740.53 while HSBC shares declined 0.7 percent.

The Nikkei 225 of Japan slipped 1.17 percent and the Topix index dropped 0.83 percent. Softbank also shed more than 2 percent after the dull debut of its mobile unit. Meanwhile, the Kospi of South Korea dropped 0.41 percent. LG Electronics slipped 4.29 percent and SK Hynix shed about 2 percent.

In Australia, the ASX 200 traded lower as shares of the Big Four Banks traded mix. The Australian dollar traded at $0.7112 and the U.S. dollar index was at 97.028 against its peers.