U.S. stocks gave up some early gains and ended broadly lower Wednesday after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for.
The central bank's decision to leave its benchmark interest rate alone was widely expected and came amid signs of renewed economic health, but unusually low inflation. The Fed said it is unlikely it will hike rates in coming months. The Fed raised rates seven times over 2017 and 2018.
The S&P 500 index fell 22.10 points, or 0.8%, to 2,923.73.
The Dow Jones Industrial Average lost 162.77 points, or 0.6%, to 26,430.14.
The Nasdaq composite dropped 45.75 points, or 0.6%, to 8,049.64.
The Russell 2000 index of smaller company stocks gave up 14.83 points, or 0.9%, to 1,576.38.
For the week:
The S&P 500 is down 16.15 points, or 0.5%.
The Dow is down 113.19 points, or 0.4%.
The Nasdaq is down 96.76 points, or 1.2%.
The Russell 2000 is down 15.44 points, or 1%.
For the year:
The S&P 500 is up 416.88 points, or 16.6%.
The Dow is up 3,102.68 points, or 13.3%.
The Nasdaq is up 1,414.36 points, or 21.3%.
The Russell 2000 is up 227.82 points, or 16.9%.