Closing Bell: U.S. Stocks Slump on Fed Fears; Apple Falls to 2014 Low

U.S. stocks slumped to session lows in the final hour of trading after a statement from the Federal Reserve acknowledging weaker U.S. growth and turmoil overseas unsettled investors.
Author:
Publish date:

U.S. stocks slumped to session lows in the final hour of trading after a statement from the Federal Reserve acknowledging weaker U.S. growth and turmoil overseas unsettled investors. The Dow dropped more than 200 points. What was even more worrying to investors, the central bank kept coy on timing for the next rate hike, leaving a potential March move in play. The central bank said it was closely monitoring global economic and financial developments. Apple (AAPL) was one of the worst performers on Wednesday, closing at its lowest level since mid-2014. The industry giant slumped after reporting its first quarterly revenue decline since 2003 after smartphone sales growth slowed. The iPhone maker triggered a selloff in the sector, punishing a wide array of tech stocks, including Netflix (NFLX). TheStreet's Keris Lahiff reports from Wall Street.