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Stocks Plunge As Fed Keeps March Rate Hike On The Table

By Andy Giersher

(CBS) -- Stocks closed sharply lower Wednesday, after the Federal Reserve opted not to hike interest rates this month, still leaving the door open for a March increase.

The S&P 500 lost 20, the NASDAQ fell nearly 100 and the Dow Jones industrial average closed down over 222 points, settling to 15,944.

"Today's trade was driven by the Federal Reserve; I think markets were expecting maybe a little bit more dovish comments than actually came, leading to the afternoon sell-off," says Michael Cuggino, president and portfolio manager at Permanent Portfolio Funds. "In an effort to be transparent, there is almost a lack of transparency, because you have so many voices going in so many different directions and so many points of communication that it is causing uncertainty with respect to interest rates and the Fed's action."

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