Stocks Ended Sharply Lower after Fed Decision

U.S. stocks ended sharply lower on Wednesday after Fed underscored moderating economic growth. The Dow Jones Industrial Average fell 633.87 points, or 2.05%, to 30,303.17. The S&P 500 was down 98.85 points, or 1.45%, to 3,750.77. The Nasdaq Composite dropped 355.47 points, or 2.61%, to 13,270.60.

Oil futures finished mixed on Wednesday, with global prices slightly lower, but U.S. benchmark crude up after a government report revealed a weekly drop of nearly 10 million barrels in domestic crude supplies. West Texas Intermediate crude for March delivery rose 24 cents, or 0.5%, to settle at $52.85 a barrel. March Brent crude finished lower, down 10 cents, or 0.2%, at $55.81 a barrel.

The central bank kept benchmark interest rates unchanged at their near-zero level, and recommitted to leaving rates untouched until labor market conditions and inflation trends achieved the Fed’s targets. The Fed also said it would continue its crisis-era asset purchase program at the current rate of $120 billion per month.