By Krystal Hur and Vicky Ge Huang
Stocks fell broadly on Wednesday afternoon after the Federal Reserve reeled in expectations for interest rate cuts in 2025.
The S&P 500 and Nasdaq Composite indexes are on pace for their worst Fed-day performances since 2022, according to Dow Jones Market Data.
Surveying the financial damage:
-- All 11 sectors of the benchmark index were lower. There were 458 stocks in the S&P 500 declining on Wednesday afternoon.
-- Risky assets, as well as economically-sensitive corners of the market, were hit especially hard.
-- The Russell 2000 index, which tracks the performance of small-cap stocks, fell 3.5%.
-- Bitcoin recently traded at $101,440, down about 5% from its level 24 hours ago, according to CoinDesk data.
During Wednesday's press conference, Fed Chair Jerome Powell said the central bank is "not allowed to own bitcoin." Powell was responding to a reporter's question about whether he sees any value or benefit in the U.S. government creating a strategic bitcoin reserve.
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(END) Dow Jones Newswires
December 18, 2024 15:44 ET (20:44 GMT)
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