Wall Street shatters, Dow Jones drops 1,063 points, Nasdaq sheds 5%

NEW YORK, New York - Reality returned to Wall Street Thursday, a day after an explosive rally triggered by a half-percentage point increase in official interest rates.

The Fed move was tempered by remarks from Federal Reserve Governor Jerome Powell that more aggressive rate hikes may not be needed in the future.

"Yesterday's explosion higher was completely comical. It was ridiculous. His comments did not ju