Wall Street tumbles, Dow Jones slides below 30 thousand

US stock indices declined on Thursday amid concerns about the Federal Reserve's policy decisions. 

The Fed decided to hike rates by 75 basis points to 1.75%, the highest such increase since 1994. 

Most members of the Federal Reserve voted for the hike except for Ester George, which voted for a 0.5% hike. 

Such a step came amid the Fed's efforts to control runaway inflation, which hit 1981 highs in May. 

Unemployment claims fell to 229 thousand last week from 232 thousand, while analysts expected a 215K decline. 

Dow Jones fell 2.2% to 29,995 as of 14:23 GMT, while S&P 500 fell 2.8% to 3,683, as NASDAQ swooned 3.4% to 10,718.