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U.S. stocks whipsawed on Wednesday after the Federal Reserve upgraded its economic outlook and increased interest rates. The central bank also increased its rate-hike forecast for next year.
The Dow Jones Industrial Average ducked lower 44.96 points to 24,682.31, with Apple as the biggest decliner in the index. The Dow had risen as much as 250.38 points.
The S&P 500 lopped 5.01 points to 2,711.93, as consumer staples declined 1.3%. At is session high, the broad index had risen 0.8%.
The NASDAQ composite Index slid 19.02 points to 7,345.29, after gaining as much as 0.6%.
In corporate news, Facebook shares bounced off the week's lows with a 0.8% gain as some top investors said the recent selloff reflects a temporary issue.
The social media giant faces an investor lawsuit after reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without the permission of its users.
General Mills, meanwhile, fell nearly 10% after the company trimmed its adjusted earnings growth forecast.
The Fed raised overnight rates by 25 basis points, in line with market expectations. Central bank officials also raised their Gross Domestic Product forecast.
Fed officials also released their projections for the federal funds rate, which remained unchanged for 2018. The central bank, however, raised its 2019 forecast, saying it sees the benchmark rate at 2.9% , up from a 2.7% projection released in December.
Prices for the benchmark 10-year Treasury note grew enough to lower yields back to Tuesday’s 2.89%. Treasury prices and yields move in opposite directions.
Oil prices marched ahead $1.86 a barrel to $65.40 U.S.
Gold prices brightened $20.40 to $1,332.30 U.S. an ounce.
