Markets dropped sharply a day after the Fed’s biggest interest rate increase since 1994 and amid recession fears.
The S&P 500 declined 2.9% to 3,679.72 while the Dow 30 was off 2% to 30,049.79 and Nasdaq dropped 3.8% to 10,681.74.
Crude oil increased 1.4% to $116.91 a barrel.
Gold rose 1.85 to $1,852 an ounce.
The yield on a 10-year bond declined 1.97% to 3.328%.
REAL ESTATE
Irvine-based Tri Pointe Homes Inc. (NYSE: TPH) dropped 12% to $15.74 and a $1.6 billion market cap. Shares of the residential homebuilder are off 45% since their 52-week high in December. The analyst firm B. Riley today downgraded the shares from buy to neutral and reduced the target price from $26 to $20.
First American Financial Corp. (NYSE: FAF) fell 5.8% to $49.57 and a $5.3 billion market cap. Shares of the Santa Ana-based provider of title insurance have dropped almost 40% since their 52-week high in February.
