Stocks Ended Lower on Election Uncertainty, Fed Held Rates Steady

U.S. stocks closed lower on Wednesday after the Federal Reserve kept interest rates unchanged, while worries surrounding the presidential election weighed on investor sentiment. The Dow Jones Industrial Average declined 77.46 points, or 0.43%, to 17,959.64. The S&P 500 dropped 13.78 points, or 0.65%, to 2,097.94. The Nasdaq Composite shed 48.01 points, or 0.93%, to 5,105.57.

The Federal Reserve on Wednesday signaled that the time for another interest-rate hike is approaching and it doesn’t need much more evidence before moving. The Fed policy committee voted 8 to 2 to maintain interest rates in a range of 0.25 to 0.5%.

Facebook Inc. reported Wednesday that its third-quarter profit soared. Net income rose to $2.38 billion from $896 million a year earlier. Excluding certain expenses, Facebook reported earnings per share of $1.09, up from 57 cents a year earlier. Revenue was $7.01 billion in the third quarter, up 56% from $4.5 billion a year earlier.

Fitbit (FIT) missed third-quarter revenue expectations and issued a lower-than-expected outlook. Fitbit reported net income of $26.1 million, or 11 cents per share, down from $45.8 million, or 19 cents per share in the year-earlier period. Revenue was $503.8 million, up from $409.3 million in the year-earlier period.