U.S. stocks fall after the Fed holds rates steady
On the day the Federal Reserve announced it was holding rates steady, the S&P 500 closed down 112.63 points, or 1.52%, at 7,316.15. After a modestly lower open, U.S. stocks kept falling through the morning session, then began recovering from 00:17 Beijing time. By 02:00, when the Fed announced it was staying on hold, the index had markedly pared its losses. The press conference that followed triggered a spike-and-reversal move; at 02:55, it edged up to 7,450.84, a fresh intraday high, before turning lower again from 03:00 onward. The Dow Jones Industrial Average closed down 1,153.18 points, its biggest single-day point drop since April 2025, a decline of 2.19% to 51,594.14. The Nasdaq Composite fell 433.97 points, or 1.74%, to 24,442.942. The Nasdaq 100 declined 570.828 points, or 2.06%, to 27,192.306.