Stocks in the U.S. fell on Wednesday, posting a fifth day of
losses and reversing gains held for much of the session after the
Federal Open Market Committee kept interest rates unchanged and
Chair Janet Yellen said next week's U.K. vote on whether to stay in
the European Union was a factor in the decision.
"It is a decision that could have consequences for economic and
financial conditions in global financial markets," Yellen told
"It could have consequences in turn for the U.S. economic
outlook that would be a factor in deciding the appropriate path of
policy," she said.
Markets have been jolted this week by polls showing a rising
number of U.K. voters may opt to leave the European bloc in the
referendum. U.S. oil futures were down more than 2% late in the
day, sending the S&P 500's energy sector down 0.5%. On the Dow
Jones Industrial Average, 23 of the 30 components retreated.
The FOMC members lowered their expectations for U.S. economic
growth this year to a median of 2% from 2.2% projected in March.
While the median average expectation for the Fed funds rate was
unchanged at 0.9% by the end of this year, projections showed more
committee members see just one hike in 2016 than in March.
Here's where the markets stood by the close:
Dow Jones Industrial Average was down 34.65 points (-0.2%)
S&P 500 was down 3.82 points (-0.18%)
Nasdaq Composite Index was down 8.62 points (-0.18%)
FTSE 100 was up 0.73%
Nikkei 225 was up 0.38%
Hang Seng Index was up 0.39%
Shanghai China Composite Index was up 1.58%
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