Updated at 4:03 p.m. ET
Despite enormous pressure from President Trump, the U.S. Federal Reserve announced Wednesday it is increasing interest rates by a quarter point.
The Fed said in a statement it is raising the key borrowing rate to a range of 2.25 percent to 2.50 percent — the highest level in a decade, when the economy was in the early stages of the financial crisis and the beginning of the Great Recession. The Dow ended the day down 352 points, or 1.5 percent, after the Fed announcement. The index was up nearly 300 points earlier.