(MENAFN- ProactiveInvestors) U.S. stocks ended sharply lower Wednesday after the Fed signaled it remains on track to hike interest rates sometime in the middle of this year.
At the closing bell in New York the Dow Jones Industrial Average ended 195 points lower at 17192 while the Nasdaq fell 43 points to 4638 and the S&P 500 dropped 28 points to 2002.
Stocks on Wall Street also tumbled on Tuesday when the Dow declined 292 points on troubling quarterly results and outlooks from some of the nation's biggest corporations from Caterpillar () to ().
Losses were multiplied after the Fed reiterated its plans to remain patient and to watch economic data as it decides when to raise interest rates. The US central bank was upbeat about the economy however noting its solid growth and job gains and gave no sign it is shaky on raising interest rates in the second half of 2015. There was no news conference post statement with Janet Yellen next due to hold a conference after the March meeting.
In corporate activity () reported its biggest ever quarterly profit with revenue also topping forecasts on strong sales of the new iPhone 6 and iPhone 6 Plus during the holiday season particularly in China. The company which has a cash pile of almost $178 billion said it plans to begin shipping its new smartwatch sometime in April. Shares jumped over 5.5%.
Yahoo () said it will spin off its 15 percent stake in Alibaba (BA) into a separate company in a tax-free transaction. Meanwhile the company reported better-than-expected earnings while revenue matched estimates.
() shares rose 5% after reporting this morning fourth quarter earnings and revenue that came in above estimates with investors looking past a downbeat earnings outlook for the year.
AT&T () late Tuesday issued better than expected earnings and revenue on mobile device promotions but existing customers switched to other networks at a higher rate.
Electronic Arts (NASDAQ:EA) jumped over 12% after its quarterly profit topped estimates by 30 cents with revenue also beating forecasts. It also raised its full year guidance.
() said it is planning to cut around 1000 additional jobs in its struggling smartphone division.
() leads today's after the bell earnings action.
Oil futures moved lower on Wednesday pressured by a stronger dollar and a sharper than expected rise in US crude supplies. The Information Adminstration said earlier today that US oil supplies rose by 8.9 million barrels last week well beyond the 3.5 million barrels analysts were expecting. West Texas Intermediate for March delivery dropped 3.9% to $44.45 a barrel on the New York Mercantile Exchange. Gold for February delivery dropped 0.5% to settle $1285.90 an ounce
European and Asian markets finished mixed today as Greek stocks tumbled following new signals the new government does not plan to back down from its anti-austerity promises.
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