Stocks closed lower on Wall Street Wednesday after a brief rally faded in the last hour of trading. Losses by technology companies outweighed gains in banks and elsewhere in the market.
The decline snapped a three-day winning streak for the S&P 500, and followed the Federal Reserves latest interest rate policy update. Stocks initially got a boost after the central bank signaled it will keep interest rates near zero into 2023 and issued a slightly less dire outlook for economic growth and unemployment this year.
On Wednesday:
The S&P 500 lost 15.71 points, or 0.5%, to 3,385.49.
The Dow Jones Industrial average rose 36.78 points, or 0.1%, to 28,032.38.
The Nasdaq composite lost 139.85 points, or 1.3%, to 11,050.47.
The Russell 2000 index of small company stocks gained 14.17 points, or 0.9%, to 1,552.33.
For the week:
The S&P 500 is up 44.52 points, or 1.3%.
The Dow is up 366.74 points, or 1.3%.
The Nasdaq is up 196.92 points, or 1.8%.
The Russell 2000 is up 55.06 points, or 3.7%.
For the year:
The S&P 500 is up 154.71 points, or 4.8%.
The Dow is down 506.06 points, or 1.8%.
The Nasdaq is up 2,077.86 points, or 23.2%.
The Russell 2000 is down 116.14 points, or 7%.
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