New York, Rabi’II 18, 1437, January 28, 2016, SPA — U.S. stocks dropped sharply on Wednesday after the U.S. Federal Reserve frustrated stock investors hoping for a strong sign it might scale back future interest rate hikes because of recent financial and economic turmoil.
In a widely expected decision, the Fed kept interest rates unchanged and it said it was “closely monitoring” global economic and financial developments, but it maintained an otherwise upbeat view of the U.S. economy.
The Dow Jones industrial average ended down 222.77 points or 1.38 percent at 15,944.32 points. The S&P 500 index lost 20.68 or 1.09 percent to 1,882.95 points. The Nasdaq Composite index dropped 2.18 percent to 4,468.17 points.
02:35 LOCAL TIME 23:35 GMT