Nasdaq loses 3.3% after Fed signals faster rate hikes

NEW YORK - Wall Street sold off sharply on Wednesday after the release of Federal Reserve meeting minutes indicating officials were ready to hike rates sooner than expected next year as inflation spikes.

The tech-rich Nasdaq Composite Index was the biggest loser, dropping 3.3 percent to 15,100.17 at the close.

The benchmark Dow Jones Industrial Average lost 1.1 percent to finish at 36,407.11, while the broad-based S&P 500 fell 1.9 percent to 4,700.58.

AFP