Most of the , 60 percent of members, closed in bear market territory on Wednesday after U.S. stocks sold off following the Federal Reserve's decision to raise interest rates.

Wall Street traditionally defines a correction as a drop of 10 percent or more from recent highs, while a bear market is defined as a drop of 20 percent or more. The energy, materials and financials sectors all closed in a bear market. The real estate and utilities sectors were the only two sectors that did not close in a correction.