Dow Jones drops 470 points as market faces rate hike fallout

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The Federal Reserve's rate hike on Wednesday drove the losses this week and fears of an extended government shutdown only added to the pain on Friday.

At the closing bell, the Dow Jones Industrial Average was down 1.5 per cent, about 350 points, at 23,324.10.

The Dow Jones Industrial Average was down 159.72 points, or 0.70 percent, at 22,699.88 and the Nasdaq Composite was down 132.14 points, or 2.02 percent, at 6,396.26.

The indexes, which have had their worst early December since 1980, are now down more than nine percent for the year. The S&P 500 is now down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market", which is a drop of 20 per cent from its peak this year.

The S&P 500 fell 7% for the week.

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CNN reported the stock market was on pace for its worst December since the Great Depression.

Selling in the S&P 500 Index was dominated by underperforming technology stocks.

The Nasdaq is down 382.26 points, or 5.5 percent.

"We would use all available tools" if the economy got significantly worse, Williams said, though he didn't predict the economy would turn south and pledged the Fed would "take the right policy decision to keep this economy strong".

Lipper data on Thursday showed investors pulled almost $34.6 billion out of stock funds in the latest week and were heading for the biggest month of net withdrawals on record.

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Declining issues outnumbered advancers for a 2.52-to-1 ratio on the NYSE and a 3.32-to-1 ratio on the Nasdaq.

-The U.S. dollar ticked higher after two days of sharp losses brought on by fears about the economy and slower increases in interest rates.

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, said that Fed Chairman Jerome Powell didn't appear concerned about the state of the US economy, despite deepening worries among investors that growth could slow even more in 2019 and 2020.

Furthermore, another drop in oil prices drove down energy stocks.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.80 percent. Benchmark U.S. crude fell 4.5 percent to $46.02 a barrel in NY.

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The technology index sank 1.54 percent, while communication services, which houses high-growth names such as Facebook Inc and Alphabet Inc, dropped 2.2 percent. US crude fell 1 percent to $45.41 a barrel, while Brent fell 1.5 percent to $53.52.