NEW YORK—Stocks dipped Wednesday after the Federal Reserve announced its latest hike to interest rates but said it’s not sure what may come next.
The S&P 500 fell 28.83, or 0.7 percent, to 4,090.75. The Dow Jones Industrial Average lost 270.29, or 0.8 percent, to 33,414.24, and the Nasdaq composite slipped 55.18, or 0.5 percent, to 12,025.33.
The Fed’s move to raise its benchmark interest rate by another quarter of a percentage point was widely expected, and it’s supposed to slow the economy further in hopes of getting inflation under control.
The hope on Wall Street is that this is the final increase following the Fed’s fastest flurry in decades. The central bank gave a nod toward the possibility in its statement, where it dropped a reference saying it “anticipates that some additional policy firming may be appropriate.”…