US STOCKS-Wall St slumps as Fed fuels global growth concerns
* Fed holds rates at near-zero
* Nine of the 10 S&P sectors lower; led by energy, financials
* Oil prices fall after Fed cites health of global economy
* Indexes down: Dow 1 pct, S&P 0.79 pct, Nasdaq 0.54 pct (Adds details, comment; updates prices)
By Tanya Agrawal
Sept 18 (Reuters) - Wall Street fell sharply on Friday after the Federal Reserve's decision to keep interest rates near zero fueled concerns about global growth, muddying the outlook for stocks.
Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year.
"The path forward for stocks just became a lot less clear," J.P. Morgan analysts said in a note.
An economic environment in which the Fed feels it can't end the era of near-zero interest rates is not one likely to foster the kind of earnings growth needed to support stocks at their current, above-average valuations. Continuación...