Dow down 377 points as stocks swing back to downside after Fed hike

U.S. stocks remained lower in the final half-hour of trade Wednesday after sinking to new session lows. Major indexes saw big swings, giving up gains to trade lower after the Federal Reserve raised the fed funds rate by 75 basis points as expected but pointed to a higher peak in rates than anticipated next year. Stocks then swung between gains and losses during Fed Chair Jerome Powell’s news conference before sliding back to new lows. The Dow Jones Industrial Average
DJIA,
-1.70%
was down 377 points, or 1.2%, while the S&P 500
SPX,
-1.71%
fell 1.2% and the Nasdaq Composite
COMP,
-1.79%
was off 1.1.