Stocks close lower despite Fed statement

Dan Burrows
Updated

Stocks closed lower Wednesday despite an improved outlook from the Federal Reserve amid concern that the central bank will use fewer tools to promote economic recovery.

The Dow Jones Industrial Average ($DJI) fell 81 points, or 0.8 percent, to finish at 9,749, while the broader S&P 500 ($INX) retreated 11 points, or 1 percent, to 1,061. The tech-heavy Nasdaq Composite ($COMPX) gave up 15 points, or 0.7 percent, to close at 2,131.

Shares in financial firms were among the notable laggards Wednesday. JPMorgan Chase (JPM) fell 3 percent, Citigroup (C) dropped 2.8 percent, and Wells Fargo (WFC) slipped 2.1 percent.

For more on stocks making moves today, be sure to check out BloggingStocks' market wrap up.

Advertisement