Wall Street drops back on Fed's dot plotand hawkishness, dollar tears higher

Wall Street and stocks actually finished lower on Wednesday after the Fed hiked interest rates and traders sold the fact.

The Dow Jones Industrial Average was trading on the way to the psychological 20,000 target, but the question is whether higher rates are going to offset any benefits of tax breaks for the corporate sector. There was an initial spike int he indexes while the dollar ripped on a hawkish Fed, but due to the dot plot and the Fed forecasting three rate hikes in 2017, stocks turned lower.

US dollar index hits 13-year highs after Fed rises rates

The Dow Jones Industrial Average broke the seven-day winning streak ad actually dropped 117 points, or 0.6%, to end at 19,793 while the S&P 500 slid 18 points, or 0.8%, to close at 2,253. The Nasdaq Composite Index fell 27 points, or 0.5%, to close at 5,436.

US dollar index hits 13-year highs after Fed rises rates