Stocks Drop After Fed Raises Rates Despite Banking Turmoil

Stocks on Wall Street skidded lower in late trading on Wednesday, as investors balked at the Federal Reserve’s decision to raise interest rates, by a quarter of a percentage point, amid a banking crisis.

The S&P 500 initially jumped after the decision was announced, before falling sharply toward the end of trading, finishing 1.65 percent lower for the day. Trading had been muted in the morning, as investors awaited the Fed’s decision.

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