The US Federal Reserve has increased interest rates by a quarter of a percentage point - the third rate hike this year. It comes as Fed chair Janet Yellen prepares to leave the role
after Donald Trump decided to replace her.
Asian markets paused for breath Thursday after Wall Street smashed through 22,000 for the first time, with regional traders focused on fresh clues on the health of the US economy. Strong Apple earnings propelled the Dow above the barrier to mark its sixth straight record close — but the tech-heavy Nasdaq closed marginally lower.
The S&P 500 suffered its biggest daily percentage drop in nearly four years and the Dow confirmed it had entered into correction territory as fears of a China-led global slowdown rattled investors around the world.
The Dow Jones industrial average, one of the world's best known measures of stock market performance, is having a revamp. Alcoa, Bank of America and Hewlett-Packard are being dropped from the index of the top 30 US companies. From 23 September they will be replaced by Goldman Sachs, Nike and Visa.