U.S. stocks fell for the third consecutive day on Wednesday after the Federal Reserve hiked interest rates.
The Dow Jones Industrial Average fell 522.52 points, or 1.7%, to 30.183.71. The S&P 500 declined 66.11 points, or 1.71%, to 3,789.82, and the Nasdaq Composite was down 204.86 points, or 1.79%, to 11,220.19.
The Fed approved its third consecutive interest rate hike of 0.75% points to reduce inflation. The Fed signaled it would continue to aggressively raise interest rates into next year.
Some of the tech stocks that declined included Apple (AAPL), which closed at $153.72, down $3.18, or 2.03%. Shares of Microsoft (MSFT) fell $3.50, or 1.44%, to close at $238.95.
“You can only steer the ship towards the storm for so long, but eventually there comes a time when you need to batten down the hatches and with the Fed’s third consecutive 75 basis point rate hike over the past four months, market participants should be looking for cover to weather the upcoming storm,” Charlie Ripley, senior investment strategist at Allianz Investment Management, told CNBC.