Wall St tumbles after 0.25% rate hike, Dow Jones dives 530 points

NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation in the UK kept buyers at bay on Wall Street Wednesday, with the major indices falling sharply in a late afternoon sell-off.

"The Committee will closely monitor incoming information and assess the implications for monetary policy," the Federal Reserves Open Market Committee said in raising rates by a quarter point