U.S. stocks tumbled on Thursday, a day after the U.S. Federal Reserve raised its key interest rate by zero-point-75 percentage points, the largest hike in 28 years.

On the New York market, the Dow Jones Industrial Average plunged two-point-42 percent to finish at 29-thousand-927-point-07. The index fell below 30-thousand for the first time since January of last year.

The benchmark S&P 500 tumbled over three percent to end at three-thousand-666-point-77.

The tech-heavy Nasdaq Composite shed more than four percent to finish at ten-thousand-646-point-10, the lowest since September 2020.

U.S. stocks ended higher on Wednesday despite the so-called "giant step," but declined on Thursday amid growing concerns about the prospect of more rate hikes and the pain it would bring to the economy. Major markets in Europe also suffered sharp drops on Thursday.