Dow closes 500 points lower after the Fed delivers another aggressive rate hike; European stocks close higher as markets brace for more Fed action 
Stocks fell in volatile trading Wednesday after the Federal Reserve raised rates by 75 basis points and forecast more sizable rate hikes ahead in its fight to tame surging inflation. 
The Dow Jones Industrial Average slid 522.45 points, or 1.7%, to close at 30,183.78. The S&P 500 shed 1.71% to 3,789.93, and the Nasdaq Composite slumped 1.79% to 11,220.19. 
The Fed raised rates by the widely expected 75 basis points and said it expects its so-called terminal rate to reach 4.6% to fight persistently high U.S. inflation. That’s the rate at which the central bank will end its tightening regime. The central bank also indicated that it plans to stay aggressive, hiking rates to 4.4% by next year. 

The pan-European Stoxx 600 provisionally ended the day up 0.9%, having recouped opening losses of around 0.4%. German arms manufacturer Rheinmetall continued its upward climb Wednesday afternoon, rising 9.7% to hit the top of the Stoxx 600. It follows news Monday that Germany’s armed forces have contracted with the company to buy a total of 48 fuel tank trucks for use at numerous German Army and Air Force airfields. 
Source: CNBC, Investing.com