Stock market news today: Traders assess bank concerns and interest rates

US stocks suffered severe whiplash on Thursday as investors continued to digest the Federal Reserve's latest interest rate hike and fresh concerns of a US banking crisis.

The Fed hiked interest rates by 25 basis points on Wednesday, representing its 9th consecutive interest rate hike since it started the tightening policy in March 2022, and Fed Chairman Jerome Powell signaled that further interest rate hikes could be necessary.on Thursday after Moody's said there is a risk that the crisis could spillover into the broader economy.

"There is a risk that policymakers will be unable to curtail the current turmoil without longer-lasting and potentially severe repercussions within and beyond the banking sector," The S&P 500 rose as much as 2% before it gave back most of those gains, while the Dow Jones erased nearly all of an intra-day 470 point gain.

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