US stocks close lower after interest rate decision holds
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To correct a typographical error in the title
June 17 (Reuters) - The U.S. Standard & Poor's 500 and Nasdaq Composite indexes closed more than 1 percent lower on Wednesday, as traders bet that the Federal Reserve's next move would be to raise interest rates, after new Fed Chairman Kevin Warsh stressed the need to curb inflation.
Observers expect interest rates to rise later this year.
The Federal Reserve kept interest rates unchanged as widely expected, but new quarterly projections showed that nine Fed officials expect at least one rate hike by the end of 2026.
According to preliminary data, the S&P 500 lost 89.59 points, or 1.19 percent, to close at 7,421.76 , while the Nasdaq Composite fell 349.14 points, or 1.32 percent, to close at 26,027.21 . The Dow Jones Industrial Average dropped 499.18 points, or 0.96 percent, to 51,494.99.