The Dow fell as much as 404 points. The Fed delivered a widely-anticipated 50 basis point rate hike at the conclusion of its December policy meeting. It's a smaller bump from the prior four consecutive rate hikes of 75 basis points. Fed officials also forecast raising rates through next year, not lowering rates until 2024. Treasury yields initially popped after the Fed rate hike, with the 2-year Treasury yield rising about 2 basis points to 4.253% as the central bank indicated further increases ahead.

---