Dow Plunges Nearly 800 Points After Fed Holds Rates Amid Iran War and Oil Shock

The Dow plunged nearly 800 points-down 1.6%-after the Federal Reserve concluded its March 18 policy meeting with no interest rate change. The S&P 500 fell 1.4%; the Nasdaq dropped 1.5%.

Fed Chair Jerome Powell cited escalating uncertainty from the war in Iran and persistent inflation pressures. Bond yields surged: the 10-year U.S. Treasury yield rose nearly 6 basis points to 4.26%.

Oil prices spiked-Brent crude climbed nearly 6% to $105 a barrel. U.S. gasoline averaged $3.86 per gallon.

The VIX 'fear gauge' jumped nearly 10% on Wednesday.