(CNBC) -- Stocks fell Wednesday after the Federal Reserve raised rates by 25 basis points, as was widely expected.
The Dow Jones Industrial Average closed lower by 270.29 points, or 0.80%, to end at 33,414.24. The S&P 500 dropped 0.70% to close at 4,090.75. The Nasdaq Composite slid 0.46% to close at 12,025.33. The indexes notched three-day losing streaks.
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Earlier bullish sentiment was dented somewhat after Fed Chair Jerome Powell ruled out cutting interest rates because he did not expect inflation to come down quickly enough.
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