Market Snapshot: Dow, S&P 500 slump after Fed statement; Nasdaq buoyed by Apple’s stock

U.S. stocks relinquished modest gains to close lower Wednesday, as the Federal Reserve acknowledged rising prices and said it now expects inflation to “run near” its 2% target “over the medium term,” in its most recent policy statement. The central bank held key rates unchanged, as expected.

What are the main benchmarks doing?

The Dow Jones Industrial Average DJIA, -0.72% closed 174.07 points, or 0.7%, lower at 23,924.98, with 24 of its 30 components finishing in negative territory.

The S&P 500 index SPX, -0.72% fell 19.13 points, or 0.7%, to 2,635.67, with 10 of the 11 main sectors closing with losses.

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