The Dow Jones Industrial Average was up 150 points at session highs, fell 222.77 points, or 1.4% to close at 15,944.64.
The US economy seems to be growing at a moderate pace, but no longer are the risks balanced between an economy picking up steam and one slowing further, the FOMC said.
The Fed policy makers also said that it was closely monitoring global economic and financial developments.
“Inflation is expected to remain low in the near term,” the FOMC said.
If the US economy suddenly picks up pace in the next two months, it has the option to lift interest rates at its March meeting.
The Dow Jones Industrial Average was up 150 points at session highs, fell 222.77 points, or 1.4% to close at 15,944.64.
The S&P 500 index declined 20.68 points, or 1.1%, to settle at 1,882.95, led by a 2.5% fall in technology stocks.
Shares of Boeing sank 9.8% after the aircraft maker gave 2016 guidance that fell short of Wall Street expectations, while Apple tumbled by 6.6%.
Late on Tuesday, Apple said that iPhone sales grew at the slowest pace since the handset’s introduction in 2007.
The Nasdaq Composite index lost 99.51 points, or 2.2%, to finish at 4,468.17. Among hardest hit shares on the Nasdaq were biotechnology stocks.
US crude oil futures, which were lower in the morning, rebounded to settle 2.7% higher at US$32.33 a barrel on Wednesday after news reports that Russia and OPEC discussed production cuts.
| Company | Price in USD | % Change |
| Tata Motors | 24.73 | -1.94% |
| Infosys | 17.42 | -0.57% |
| Wipro | 11.44 | 0.18% |
| Dr Reddy's | 43.52 | 1.23% |
| HDFC Bank | 57.59 | 2.02% |
| ICICI Bank | 7.02 | -0.57% |
| Sify | 1.03 | -0.60% |
| Rediff | 0.65 | 1.50% |
| Vedanta | 3.84 | -3.52% |
| MakeMyTrip | 18.5 | -3.39% |
| WNS | 28.06 | -2.54% |
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