U.S. stock indexes shed much of their gains in afternoon trading Wednesday afternoon after the Federal Reserve announced its first interest rate hike since 2018.
As Wall Street largely anticipated, the central bank announced it was increasing its key short-term rate by 0.25 percentage points.
The move marks a shift in policy by the Fed away from maintaining ultra-low interest rates as it seeks to tame persistently high inflation.
The S&P 500 was down less than 0.1%, the Dow Jones Industrial Average fell 0.4% and the Nasdaq rose 0.5%.
Treasury yields rose sharply.