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Stocks on Wall Street fell after following the Federal Reserve’s announcement to raise interest rates, which could be too much for the stock market and the economy to handle. The S&P 500 dropped 2.5 percent to close at 2,530.69, whereas the broad index ended the session at 2,545.94 after moving down by 2 percent.

The Dow Jones Industrial Average moved 507.53 points to end the session at 23,592.98 while carrying its two-day losses above 1,000 points. Meanwhile, shares of Goldman Sachs and Amazon directed the declines. The S&P 500 and Dow both entered in correction territory as following their worst performance in December since 1931.

The Nasdaq Composite declined 2.2 percent to end the day at 6,753.73 since Microsoft fell 2.9 percent. Meanwhile, the Russell 2000, the index of smaller companies, plunged 20 percent down from its high of 52 weeks.

Stocks in Asia were down after following a Wall Street’s sell-off due to concerns over the global economy. The Shanghai Composite was lower by 1.09 percent while the Shenzhen Composite slipped 1.314 percent. The Hang Seng index of Hong Kong shed 0.90 percent.

The Nikkei 225 of Japan slipped 1.62 percent and the Topix index fell 1.66 percent in the afternoon trade.  Also, Fast Retailing shares declined 2 percent.

The Kospi of South Korea was lower by 0.42 percent while SK Hynix slipped 1.45 percent. Over in Australia, the ASX 500 shed about 1 percent along with other sectors trading down.

Shares of chief miners traded up after recovering their previous losses. BHP Billiton climbed 0.22 percent and Rio Tinto rose 0.13 percent up. However, Fortescue Metals Group dropped 1.32 percent.

The U.S. dollar index that marks the greenback against chief currencies was at 97.043 after falling down from its earlier high of 97.4. The Australian dollar traded at $0.7188 and the Japanese yen was at $112.51.