Wall Street closes down sharply after Fed holds rates unchanged
Wed July 29, 2026
It was another Wall Street mystery today as right at 3 pm, all three indexes plummeted drastically to major 3-digit losses in tech and a bigger 4-digit loss on the Dow. Up until 3 pm, the indexes had spent the day rather badly in the red but nothing compared to what happened in that final hour. It must have been 3 pm when the Fed announced that it was holding rates steady for now. I guess the fly in the ointment was the dissent of three Fed officials who had voted for a hike. The sizable minority put investors on high alert that the Fed will likely have no choice but to hike in September as the war rages and inflation continues to spike well above the desired target.