US markets fell sharply on Thursday in Wall Street’s worst day since 2020, eviscerating all the gains from the previous day, after the US Federal Reserve announced plans to raise the key interest rate.
The Dow Jones Industrial Average plummeted more than 1,000 points, or 3.1%, marking its worst daily percentage drop since October 28, 2020. Meanwhile, the S&P 500 shed 153 points, or 3.6%, while the Nasdaq Composite lost 5%, its worst daily percentage fall since June 11, 2020.
Technology stocks slumped with Google-parent Alphabet, Apple, Microsoft, Meta Platforms, Tesla and Amazon all falling between 4.3% and 8.3%.
On Wednesday, the Dow surged 2.8%, while the S&P 500 soared 3% and the Nasdaq Composite advanced 3.2%. The S&P 500’s gain was the largest one-day advance since May 18, 2020.