[Breaking] New York Stock Market Closes Lower on Fed Rate Hike... Nasdaq Down 1.6%

Major indices on the U.S. New York Stock Exchange closed lower on the 22nd (local time) as the Federal Reserve (Fed) continued raising interest rates despite renewed concerns over banking risks following the collapse of Silicon Valley Bank (SVB).

On this day, the Dow Jones Industrial Average closed down 1.63% compared to the previous session. The large-cap-focused S&P 500 index fell 1.65%, and the tech-heavy Nasdaq index dropped 1.6%.