New York Stock Exchange Plunges On U.S. Fed's Speed Adjustment Of Rate Cut

New York stocks plunged as the U.S. Federal Reserve signaled it would slow its key rate cut.

On the New York Stock Exchange, the Dow 30 Industrial Average closed at 42,326.87, down 1,123.03 points and 2.58% from the previous session, continuing its 10-day losing streak, its longest bearish trend in 50 years.The

S&P 500 index fell 178.45 points (-2.95%) from the previous session to 5,872.16.

The tech-heavy Nasdaq Composite closed at 19,392.69, down 716.37 points and 3.56% from the previous session.

Markets are worried that the Fed's forecast for next year's benchmark interest rate is 3.9%, raising it by half a percentage point from its September forecast of 3.4%.