Stocks fall and bond yields tumble after Fed’s latest interest rate hike

Traders work on the floor at the New York Stock Exchange (AP)

Stocks have fallen sharply after the Federal Reserve indicated the end may be near for its economy-crunching hikes to interest rates, but it also does not expect to cut rates anytime soon despite Wall Street’s hopes.

The S&P 500 fell 1.6% for its first drop in three days. The Dow Jones Industrial Average lost 530 points, or 1.6%, while the Nasdaq composite dropped 1.6%.