Wall St. dips after Fed rate hike; tech slumps again

IndustriesReuters

A slide in technology stocks pulled down the Nasdaq Composite on Wednesday and the S&P 500 ended slightly lower, as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve.

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The Nasdaq cut its loss in more than half in a late rebound, having earlier fallen 1 percent, while financials buoyed the Dow industrials.

The U.S. central bank cited continued U.S. economic growth and job market strength, proceeding with its first tightening cycle in more than a decade.

But some investors worried about the Fed's hawkish tone and that concerns about rate hikes were being reflected in the tech sector, which has led the S&P 500's nearly 9-percent rally this year.