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6/16, 8:04 PM (Source: TeleTrader)
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US stocks extend losses on Fed update

Shares on Wall Street extended losses on Wednesday following the latest monetary policy update from the Federal Reserve.

According to the statement, the Federal Open Market Committee might hike rates twice in 2023, earlier than it had previously expected.

The Dow Jones dropped over 300 points on the announcement, standing 303 points in the red at 2:05 pm ET. At the same time, the S&P 500 tumbled 0.79%, while the tech-heavy Nasdaq 100 lost 0.73%.

Breaking the News / JC