Stocks Ended Lower as Fed Lifted Rates

U.S. stocks ended lower on Wednesday after the Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes in the coming months. The Dow Jones Industrial Average fell 119.53 points, or 0.47%, to 25,201.20. The S&P 500 lost 11.22 points, or 0.40%, to 2,775.63. The Nasdaq Composite dropped 8.09 points, or 0.11%, to 7,695.70.

Oil prices climbed on Wednesday, to settle at their highest in almost two weeks, after a U.S. government report revealed a bigger-than-expected decline in domestic crude supplies. West Texas Intermediate crude rose 28 cents, or 0.4%, to settle at $66.64 a barrel. August Brent crude rose 86 cents, or 1.1%, to $76.74 a barrel.

The Federal Reserve raised interest rates on Wednesday for the seventh time since the financial crisis. The central bank increased the target range for its benchmark interest rate by 0.25% to a range of 1.75%-2%, the highest since September 2008.

Comcast CMCSA announced a $65 billion bid for Twenty-First Century Fox FOXA units that are currently in an agreement to be acquired by Walt Disney DIS Co.