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Fed Rate Hike, Oil Slide Hits Stocks; Hospitals Hit By Senate Scrutiny

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Stocks booked broad losses Wednesday after the Federal Reserve finally pulled the trigger on its second rate hike in a decade, and guided expectations to three more increases in the coming year.

The S&P 500 fell 0.8%. The Dow slipped 0.6%, while the Nasdaq shed 0.5%. Small caps tumbled hard, sending the Russell 2000 down 1.2%. Preliminary data showed volume on the NYSE coming in higher than Tuesday's level. Nasdaq volume fell slightly.

Markets hunkered down ahead of the 2 p.m. ET announcement, then turned sharply lower after 2:15. The downside also received an assist from oil prices, which veered 4% lower on news that the Organization of the Petroleum Exporting Countries increased its production in November.

That sent ExxonMobil (XOM) down 1.9%, the worst loss among Dow stocks. Energy issues took four of the five worst losses among S&P 500 listings.

But at the bottom of the S&P 500 heap was Universal Health Services (UHS). The hospital operator dived 8% in huge trade after Raymond James downgraded the stock to market perform, from outperform. The report cited Sen. Chuck Grassley's request for an update on a federal investigation of the company.

Hospital peers Tenet HealthCare (THC) and HCP (HCP) dropped more than 4% each.

Nvidia (NVDA) easily topped the Nasdaq 100, ending up 6% after an upgrade to buy, from hold, by Evercore ISI Group. The note also placed a 120 price target on the IBD 50 stock.  Shares remain just below Thursday's high, and extend from an early November rebound from support at its 10-week moving average.

Akamai Technologies (AKAM) popped 3% after Oppenheimer upgraded shares to outperform from neutral, with a target price of 80. Akamai ended just below a 71.14 buy point in a six-week flat base.

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