New York (CNN Business) The Dow tumbled to the lowest level of the year on Wednesday after the Federal Reserve signaled a more aggressive stance than investors had hoped for. Investors are worried that the Fed adjusted its economic growth forecast lower for 2019 while still signaling that it would continue to raise rates — albeit at a slower pace. Most Fed governors said they expect to hike rates only twice next year, after hiking four times this year. The Dow closed down 352 points, or 1.5%, wiping out an early rally of as much as 382 points. "The market talked itself into expecting a more dovish outcome from the Fed than they got," said David Joy, chief market strategist at Ameriprise Financial.

Source: CNN December 19, 2018 18:34 UTC