New York, Sept. 16 (Petra) -- The Dow Jones Industrial Average dropped 630 points, or 1.21 percent, on Wednesday to close at 51,462 points.

The decline followed a unanimous decision by the US Federal Reserve earlier in the day to raise its benchmark interest rate by a quarter-percentage point (25 basis points) in a bid to curb persistent inflation and cool the economy.

Following Wednesday's trading session, the tech-heavy Nasdaq Composite Index slid 3 points to settle at 25,978 points, while the broad-based S&P 500 Index fell approximately 33 points, or 0.44 percent, to finish at 7,552 points.

Meanwhile, US West Texas Intermediate (WTI) crude oil prices plummeted nearly $4 to settle at $101.88 per barrel.

//Petra// AF