Stocks end lower as Fed hikes rates to highest level in 16 years

U.S. stocks closed near session lows on Wednesday after the Federal Reserve raised rates as expect by another 25 basis points, bringing the policy rate to its highest level since 2007. The Dow Jones Industrial Average DJIA shed about 270 points, or 0.8%, ending near 33,414, according to preliminary FactSet data. The S&P 500 index SPX shed 0.7% and the Nasdaq Composite Index closed 0.5% lower, with shares of regional banks ending the session off by about 34% on the year. Fed Chair Jerome Powell wouldn’t rule out additional rate hikes, but said the central bank will continue to monitor tightening credit conditions following…