The stock market swooned Wednesday in response to a piece of news that might not seem all that dire on first read: The Federal Reserve could cut interest rates fewer times than experts had predicted, in 2025.
The Dow Jones Industrial Average shed 2.6%, or 1,123 points, closing at 42,327. The S&P 500 lost nearly 3%, closing at 5,872. The Nasdaq Composite lost 3.6%, closing at 19,393.
The S&P 500 and Nasdaq have traded at or near record highs in recent days, partly in anticipation of a rate cut by the Fed.
But the Dow has had a long December. Wednesday marked the 10th consecutive losing session for the index, its longest down streak since 1974. A four-digit slide on a single day is a rare event.
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Source: https://www.usatoday.com/story/money/2024/12/18/dow-loses-1100-points-fed-interest-rates/77073535007/
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