The Dow Fell 95 Points, Nasdaq Dropped 11

The Dow fell 95.57 points (-0.85%) today to close at 11,154, the Nasdaq dropped 11.12 points (-0.48%) to close at 2,304 and the S&P 500 fell 8.38 points (-0.64%) to close at 1,293. The markets lost footing after the Fed 's policy statement signaled no slowing to the cycle (15 consecutive rate hikes). The quarter point raise was expected, but investors were hoping for a more clear vision of the end (of rate hikes). Volume was modest with 1.54 billion shares trading on the NYSE and 2.05 billion shares trading on the Nasdaq. Decliners crushed advancers on the NYSE 21:12, and 18:12 on the Nasdaq. In individual stories, Level 3 Communications (Nasdaq: LVLT) ended the day 16% higher after announcing upside guidance. Luby's Inc. (NYSE: LUB) fell 23% today after a weaker than expected Q2 earnings report. Tomorrow, investors will be looking for Oil Inventories data at 10:30AM EST.

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