Nasdaq falls 200 points as Fed signals interest rates will stay higher for longer

U.S. stocks finished lower on Wednesday and logged their lowest closing levels of September after the Federal Reserve signaled it would likely keep interest rates higher for longer. The S&P 500 SPX, -0.94% fell 41.70 points, or 0.9%, to 4,402.25, according to preliminary closing data from FactSet. The Nasdaq Composite COMP, -1.53% shed 209.06 points, or 1.

5%, to 13,469.13, FactSet data show. The Dow Jones Industrial Average DJIA, -0.22% shed 76.98 points, or 0.2%, to 34,440.75. The central bank left its policy rate on hold Wednesday, but signaled another hike could come later this year. The Fed’s dot-plot of rate-path projections suggested its policy rate target would remain above 5% through the end of 2024.

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