March 21, 2023

US stocks fell for a third straight day on Wednesday after the Federal Reserve raised interest rates.

The Dow Jones Industrial Average fell 522.52 points, or 1.7%, to 30,183.71. The S&P 500 fell 66.11 points, or 1.71%, to 3,789.82 and the Nasdaq Composite shed 204.86 points, or 1.79%, to 11,220.19.

The Fed has approved a third consecutive interest rate hike of 0.75% points to curb inflation. The Fed has signaled that it will continue to aggressively raise interest rates next year.

Some tech stocks that have declined include Apple (AAPL), which closed down $3.18, or 2.03%, at $153.72. Shares of Microsoft (MSFT) closed down $3.50, or 1.44%, at $238.95.

“You can only sail into the storm for so long, but eventually there comes a time when you have to batten down the hatches and with the Fed’s third consecutive 75 basis point rate hike in the past four months, market participants should be looking for cover to weather the coming storm,” Charlie said. Ripley, Senior Investment Strategist at Allianz Investment Management, to say CNBC.

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