Dow falls nearly 800 points after Powell makes one thing clear: There's no rush to rescue the market

The Federal Reserve's latest outlook on interest rates and the economy triggered a risk-off move: U.S. stocks slumped on Wednesday and the S&P 500 wiped out gains from earlier in the week. Investors reacted to the Fed's guidance on rates and growth, prompting broad equity selling and a pullback in risk appetite.

Analysis

The Federal Reserve's latest outlook on interest rates and the economy triggered a risk-off move: U.S. stocks slumped on Wednesday and the S&P 500 wiped out gains from earlier in the week. Investors reacted to the Fed's guidance on rates and growth, prompting broad equity selling and a pullback in risk appetite.