The Dow Jones Industrial Average plummeted Wednesday, marking its longest losing streak in nearly half a century as the Federal Reserve issued a lackluster economic forecast. Closing down 1,123 points, or 2.6%, the blue-chip index has now declined for 10 consecutive days, a sequence last witnessed during the presidency of Gerald Ford from Sept. 20 to Oct. 4, 1974, according to CNN. This downturn began after the Fed's policy statement revealed expectations of only two interest rate cuts in 2025. However, both indices also suffered losses by the day's end, with the S&P 500 down 3% and the Nasdaq tumbling 3.6%, CNN reported. "The market was underwhelmed by the likely future path of interest rates," said Chris Zaccarelli, CIO at Northlight Asset Management, in a statement.
