Dow opens more than 600 points lower as post-Fed rally vanishes

U.S. stocks opened lower on Thursday, as the market’s post-Fed meeting gains evaporated and investors confronted a host of additional central-bank interest-rate hikes, along with tepid U.S. economic data. The S&P 500 was off 85 points, or 2.2%, to 3,707. The Dow Jones Industrial Average was down more than 600 points, or 2%, to 30,075. And the Nasdaq Composite shed more than 270 points, or 2.4%, to trade at 10,827. Following the Fed’s historic 75 basis point hike, the Swiss National Bank surprised investors with a 50 basis point rate hike of its own, while the Bank of England followed through with a 25 basis point hike that was the latest in a string of aggressive moves to try and combat inflation. Meanwhile, in the U.S., housing starts plunged while weekly U.S. jobless claims remained near five-month highs.

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