The Dow Jones Industrial Average sank deeper into the history books on Wednesday, with the index posting its 10th straight losing day as a disappointing rate outlook by the Federal Reserve rocked the stock market.
The 30-stock index tumbled 1,123.03 points to 43,608.93. This being 10th straight losing session on Wednesday, the Dow suffered its worst losing streak since an 11-day slide in 1974.
The S&P 500 index stumbled 178.45 points, or 3%, to 5,872.16
The NASDAQ dissolved 716.37 points, or 3.6%, to 19,392.69.
The central bank reduced its overnight borrowing rate by a quarter point to a target range of 4.25% to 4.5%, as expected. However, the Fed indicated Wednesday afternoon it would only cut rates twice in 2025, fewer than the four cuts given in its last forecast. Fed Chair Jerome Powell said the central bank’s move to cut rates in recent months allows it to “be more cautious as we consider more adjustments to our policy rate.”
The Dow’s losing streak began the session after it closed above 45,000 for the first time ever on Dec. 4. The losses for the Dow during its losing streak have totaled 6%.
Prices for the 10-year Treasury fell back, raising yields to 4.51% from Tuesday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices slid six cents to $70.02 U.S. a barrel.
Prices for gold swooned $56.10 an ounce to $2,605.90 U.S.
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