Wall Street has suffered its worst day since April 2025, with the Dow Jones Industrial Average closing more than 1,100 points lower after the Federal Reserve voted nine to three to hold interest rates steady at between 3.5 and 3.75 per cent.
The sell-off deepened as the conflict in the Middle East escalated, with Saudi Arabia drawn into the fighting, pushing oil prices higher, while investors continued to question the sustainability of spending on artificial intelligence.
The Nasdaq Composite has now fallen into correction territory, down ten per cent from its June peak.
Mitch Mccann reports from New York.
IN: “Saudi Arabia was...”
OUT: “...dragged them down.”
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Mitch Mccann in New York says the Federal Reserve's decision to hold rates initially raised hopes of a recovery, but heavy selling returned in the final minutes of trading.
IN: “As I look...”
OUT: “...have really compounded.”
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Mitch Mccann in New York says Fed Chairman Kevin Warsh gave little indication of where interest rates are headed, while stressing the central bank would take whatever steps are needed to curb inflation.
IN: “On one hand...”
OUT: “...the short term.”
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