U.S. stocks finished lower on Wednesday and logged their lowest closing levels of September after the Federal Reserve signaled it would likely keep interest rates higher for longer.
The S&P 500 SPX, -0.94% fell 41.70 points, or 0.9%, to 4,402.25, according to preliminary closing data from FactSet. The Nasdaq Composite COMP, -1.53% shed 209.06 points, or 1.5%, to 13,469.13, FactSet data show. The Dow Jones Industrial Average DJIA, -0.22% shed 76.98 points, or 0.2%, to 34,440.75. The central bank left its policy rate on hold Wednesday, but signaled another hike could come later this year. The Fed’s dot-plot of rate-path projections suggested its policy rate target would remain above 5% through the end of 2024.