Dow sinks 530 points after Fed hike and bank crisis warning

  • Dow sinks 530 points after Fed hike and bank crisis warning

    All three of the major averages tumbled after the Federal Reserve raised interest rates by 25 basis points and warned that the banking crisis may tighten future lending. Energy, consumer discretionary and financial shares led the drop, while consumer staples fell the least. In commodities, oil rose 1.8% to $70.90 per barrel.

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