Stocks Ended Lower after Fed Minutes

U.S. stocks ended lower on Wednesday, after the Federal Reserve’s rate-setting committee showed more confidence in the need to keep raising interest rates at its last policy meeting. The Dow Jones Industrial Average fell 166.97 points, or 0.67%, to 24,797.78. The S&P 500 lost 14.93 points, or 0.55%, to 2,701.33. The Nasdaq Composite sank 16.08 points, or 0.22%, to 7,218.23.

Oil futures posted a mixed finish Wednesday, with the U.S. benchmark losing a little ground ahead of supply data. West Texas Intermediate futures for April delivery fell 11 cents, or 0.2%, to $61.68 a barrel. Brent crude gained 17 cents, or 0.3%, to finish at $65.42 a barrel.

The Federal Reserve’s rate-setting committee showed more confidence in the need to keep raising interest rates at its last policy meeting, with most believing that inflation would perk up. The more upbeat take on inflation in the minutes of the Jan. 30-31 policy meeting released on Wednesday will likely further cement expectations that new Fed chief Jerome Powell will lead his colleagues in raising interest rates next month.