Investors worried about possible interest rate hike push Wall Street slightly lower

JaysonPhotography/iStock/Thinkstock(NEW YORK) — With investors worried about a potential interest rate hike, Wall Street took a small hit on Wednesday.

The Dow Jones Industrial Average dropped 16.67, closing the day at 25,369.13.

The Nasdaq lost 10.01, finishing the session at 7,153.57, while the S&P 500 dipped 2.19 to 1,557.91.

The cost of crude oil increased by nearly one percent on the day, a barrel now selling for $63.42.

According to the Federal Reserve, higher interest payments to banks was the main reason for a drop in payment to the government.

Toyota and Mazda announced plans to build a joint-venture automobile plant in Alabama. The factory will be built near Huntsville, and will employ 4,000 people. It is expected to produce 300 vehicles per year.

Berkshire Hathaway is promoting two of CEO Warren Buffett’s potential successors to its board. Greg Abel and Ajit Jain will join the board, now at 14 members. Buffett is staying on for now.

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