US stocks end lower after Fed hike, hawkish comments

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock market indexes closed lower Wednesday after the Federal Reserve's rate hike and comments from Fed Chair Jerome Powell.

The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to finish at 33,966.35. The S&P 500 shed 24.33 points, or 0.61%, to 3,995.32.

The tech-heavy Nasdaq decreased 85.93 points, or 0.76%, to close at 11,170.89.

Annual US consumer inflation came in at 7.1% in November, easing from 7.7% in October, according to figures released before the market opening.

The Fed, as expected, raised its benchmark interest rate by 50 basis points in its fight against record inflation, carrying the target range for the federal funds rate to between 4.25% and 4.5% -- its highest in 15 years.

Chair Jerome Powell said in his post-meeting press conference that history cautions against prematurely loosening monetary policy, adding: "We will stay on the course (of lowering inflation) until the job is done."

"It is not important how fast we go. It is far more important to think what is the ultimate level," he said, keeping the door open for more rate hikes next year.