Fed rate hike looming chills market

(New York, NY) — Wall Street is closing lower ahead of an expected interest rate hike by the Federal Reserve. Stocks trimmed some losses in late trading after the Dow Jones Industrial Average had tumbled 500 points earlier in the session. Fed policymakers are expected to announce a three-quarters percent rate hike as they wrap up a two-day meeting tomorrow. At the closing the bell, the Dow Jones Industrial Average fell 313 points to 30-706. The S&P 500 shed 43 points to 38-55. The Nasdaq lost 109 points to 11-425.