The U.S. stock market ended lower on Wednesday as investors weighed the latest policy statement from the Federal Reserve and the implications of oil prices sinking to the lowest level in nearly six years.
The central bank reiterated that it will be patient in raising rates from record lows, noting that inflation remains ultra-low. But it also strengthened its assessment of the U.S. economy.
The Dow Jones industrial average fell 195.84 points, or 1.1 per cent, to 17,191.37.
The Standard & Poor’s 500 index dropped 27.39 points, or 1.4 per cent, to 2,002.16.
The Nasdaq composite lost 43.50 points, or 0.9 per cent, to 4,637.99.
For the week:
The Dow is down 481.23 points, or 2.7 per cent.
The S&P 500 index is down 49.66 points, or 2.4 per cent.
The Nasdaq is down 119.88 points, or 2.5 per cent.
For the year:
The Dow is down 631.70 points, or 3.5 per cent.
The S&P 500 index is down 56.74 points, or 2.8 per cent.
The Nasdaq is down 98.06 points, or 2.1 per cent.