Closing Bell: Fed Confirms Expected Rate Hike; Nasdaq Tumbles as FANG Stocks Hit Again

Summary: Tech stocks took a sharp turn lower late this afternoon as a selloff of the sector's largest names resumed. Stocks had held closer to the flatline earlier before the Fed's announcement in the final hours of the session. The central bank opted to raise rates, as expected, and forecast another before the year is out. Members reiterated their confidence in the U.S. economy, even as recent data showed inflation trends softening. More than 2,000 employees will lose their jobs under the new media company Oath, a combination of Yahoo! and AOL. Cuts have been on the table since Verizon Communication Inc.'s purchase of Yahoo was competed earlier this week. Mattel Inc. was lower after cutting its quarterly dividend and warning of weaker second-quarter sales than anticipated. The toymaker also said it would not offer annual guidance.