Dow falls 200 points after Federal Reserve statement

January 28, 2016 02:30

At the end of its two-day meeting Wednesday, the U.S. central bank acknowledged that the U.S. economy lost momentum at the end of 2015.

"Economic growth slowed late last year," the Fed's committee said in its statement, noting that the job market had improved.

US stocks didn't react well to the Fed's statement. The Dow, which was up about 10 points before the release, dropped down 230 points points after the Fed's announcement.

In a widely expected decision, the Fed's committee also decided not to raise its key interest rate. Just a month ago, in December, the Fed raised rates for the first time in nearly a decade.

Despite its worries, the Fed stopped short of saying that the volatility in January will change its plans to raise rates at least four times for the rest of 2016. The committee noted that it's "monitoring global economic and financial developments."

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