Stocks Ended Lower after Fed Held Interest Rates Steady

U.S. stocks ended a choppy session lower on Wednesday as investors reacted to the Federal Reserve’s widely expected decision to keep interest rates on hold. The Dow Jones Industrial Average fell 162.77 points, or 0.61%, to 26,430.14. The S&P 500 fell 22.10 points, or 0.75%, to 2,923.73. The Nasdaq Composite fell 45.75 points, or 0.57%, to 8,049.64.

U.S. oil prices finished lower on Wednesday after a U.S. government report revealed a nearly 10 million-barrel rise in domestic crude supplies — the biggest weekly climb of the year so far. West Texas Intermediate crude for June delivery lost 31 cents, or 0.5%, to settle at $63.60 a barrel. July Brent crude added 12 cents, or 0.2%, to $72.18 a barrel.

The Federal Reserve announced May 1 that it is holding the benchmark interest rate steady at a target range of 2.25% to 2.5%, noting that inflation is “running below” its stated target of 2%.