The Dow Jones Industrials lost its parachute and fell 530.49 points, or 1.6%, to 32,030.11.
The S&P 500 was bruised 65.90 points, or 1.7%, to 3,936.97.
The NASDAQ Composite cratered 190.15 points, or 1.6%, to 11,669.96.
The Fed raised rates by 25 basis points, as was widely expected. In a statement, the Fed’s policymaking committee said it “will closely monitor incoming information and assess the implications for monetary policy.” Additionally, the central bank removed the phrase “ongoing increases” from its statement.
Prices for the 10-year Treasury rocketed, lowering yields to 3.44% from Tuesday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices regained 46 cents to $70.13 U.S. a barrel.
Gold prices were brighter $34.60 to $1,975.70 U.S. an ounce.