Stocks plummet as post-Fed rally fizzles amid global effort to curb inflation

U.S. stocks slid on Thursday after the Federal Reserve's biggest rate hike in decades and as central banks including the Bank of England followed with increases of their own in an effort to subdue rising inflation.

Following the Fed's 0.75 percentage point hike in its benchmark rate on Wednesday, the Bank of England upped its rate by 25 basis points to 1.25%.

"Other central banks have joined the parade of tightening," Art Hogan, chief market strategist at National Securities Corp., told CBS MoneyWatch. "The markets are considering the fact that this inflation issue is global and all central banks are behind the curve and need to get more aggressive."