The Globe and Mail reports in its Thursday edition that U.S. and Canadian stocks whipsawed lower on Wednesday after the Federal Reserve raised its key interest rate to fight stubbornly high inflation stemming from the U.S.-Israeli war on Iran. A Reuters dispatch to The Globe quotes the Fed saying its decision was unanimous and more tightening is likely in the near future to effect a timelier drop in inflation. Before the Fed's announcement, the three major U.S. stock indexes had been gaining ground, with a chips rebound, giving the tech-heavy Nasdaq the edge. Earlier in the session, robust U.S. retail sales data suggested consumers were still spending, despite an affordability squeeze due to rising prices, particularly at the gasoline pump. Oil prices dipped after reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about supply disruptions. The Dow fell 631.33 points, or 1.21 per cent, to 51,461.78, the S&P 500 lost 33.59 points, while the Nasdaq composite ended flat at 25,978.43. The S&P/TSX Composite Index ended down 90.8 points at 35,491.27. The Toronto energy sector fell 3.4 per cent. Dollarama gained 5.5 per cent after the company raised its annual sales growth forecast.