Close Update: Stocks Take Late Dive, Post Fifth Day of Losses as Fed Holds Steady

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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 reporters.

"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%


(+) PN (+26.45%) Offered $265.5 million by Ebix Inc ( EBIX )

(+) AEGR (+28.57%) Agreed to merge with QLT Inc ( QLTI )

(+) CLRB (+15.76%) Positive preliminary data on chemotherapeutic conjugate CLR 1602

(+) XGTI (+6.46%) Launches hand-held receiver for use in law enforcement, electronic news gathering and sporting events

(+) NEM (+3.1%) Gold futures gain as Fed holds rates


(-) TWER (-35.48%) Provides Q2 guidance

(-) KEG (-29.01%) In debt restructuring negotiations with debtors

(-) CBYL (-31.18%) To be acquired by KalVista Pharmaceuticals

(-) TBP (-7.05%) Q1 results decline YOY

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks
Referenced Symbols: EBIX ,

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