Stocks Ended Slightly Lower after Fed Rate Hike

U.S. stocks ended slightly lower on Wednesday, after the Federal Reserve raised U.S. interest rates. The Dow Jones Industrial Average fell 44.96 points, or 0.18%, to 24,682.31. The S&P 500 lost 5.01 points, or 0.18%, to 2,711.93. The Nasdaq Composite dropped 19.02 points, or 0.26%, to 7,345.29.

Oil futures climbed Wednesday to end at their highest level in nearly seven weeks, as a surprise weekly decline in U.S. crude inventories added further support to prices. May West Texas Intermediate crude jumped $1.63, or 2.6%, to settle at $65.17 a barrel. May Brent crude gained $2.05, or 3%, to $69.47 a barrel.

The Federal Reserve has raised interest rates for the sixth time since the financial crisis and signaled that at least two additional rate hikes are coming in 2018. On Wednesday, the central bank announced an increase in its benchmark interest rate target range by 0.25% to a new band of 1.5%-1.75%.