The Globe and Mail reports in its Thursday edition that North American stock markets closed sharply lower Wednesday after the Federal Reserve cut interest rates by a quarter of a percentage point but disappointed some investors with projections that signalled a more cautious path of easing next year. A Reuters dispatch to The Globe says that the Dow lost more than 1,100 points. The S&P/TSX Composite Index ended down 562.71 points, or 2.2 per cent, at 24,557. Canada's main stock index posted its biggest decline in 10 months as the loonie fell to fresh five-year lows of near 69.2 U.S. cents. The Fed cut rates by 25 basis points to the 4.25- to 4.5-per-cent range and its summary of economic projections indicated it will make rate cuts totalling a half percentage point by the end of 2025 given the strong labour market and the recent stall in lowering inflation. Strategists say the U.S. economy is running a lot hotter than the Fed's previous projection. Also, investors are wary that incoming president Donald Trump's policies could lead to more inflation. Nasdaq lost 716.37 points, or 3.56 per cent, to 19,392.69. All 10 major Toronto sectors ended lower. Technology declined 4.5 per cent, with Shopify down 7.3 per cent.