US stocks tumble on Fed tightening plans

US stocks tumble on Fed tightening plans

U.S. stock index futures climbed 0.8 percent on Wednesday, with investors hoping the Federal Reserve will give them an early Christmas present by signaling fewer rate hikes given the turmoil in financial markets and rising fears of a recession.

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid

REUTERS: U.S. stocks declined sharply on Wednesday after the Federal Reserve's forecast of fewer interest-rate increases in 2019 fell short of investors' hopes of a more dovish monetary policy.

The Dow Jones Industrial Average fell 351.98 points, or 1.49 percent, to 23,323.66, the S&P 500 lost 35.48 points, or 1.39 percent, to 2,510.68, and the Nasdaq Composite dropped 140.80 points, or 2.08 percent, to 6,643.11.

(Reporting by April Joyner; Editing by Leslie Adler)

Source: Reuters

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