Stocks end sharply lower as investors await Fed decision

Stocks stumbled Tuesday, ending sharply lower and erasing the previous session’s gains as investors awaited a Federal Reserve rate decision that’s expected to deliver another jumbo increase. The Dow Jones Industrial Average DJIA, -1.01% fell around 313 points, or 1%, to end near 30,707, according to preliminary figures. The S&P 500 SPX, -1.13% dropped 1.1% to finish near 3,856, while the Nasdaq Composite COMP, -0.95% shed 1% to close near 11,425. The Fed is expected to raise the fed funds rate by 75 basis points when it concludes a two-day policy meeting Wednesday, with traders penciling in an outside chance of a 100 basis point move.