Dow Jones tumbles 1,123 points as Fed spooks markets

NEW YORK, New York - U.S. stock markets got smashed on Wednesday while the U.S. dollar soared after the Federal Reserve dropped official interest rates by 25 basis points. The move was widely anticipated however Fed Chair Jay Powell's comment afterwards that only two more rate cuts were likely next year spooked stock and currency markets.

"With today's action, we have lowered our policy rate by a full percentage