The Dow Jones industrial average fell 66.45 points, or 0.6 percent, to close at 11,954.94. The Dow dropped more than 70 points in the last hour of trading and had risen as high as 126 points earlier Tuesday after two strong auctions of European debt.
The Standard & Poor's 500 index fell 10.74 points, or 0.9 percent, to 1,225.73. The Nasdaq composite fell 32.99 points, or 1.3 percent, to 2,579.27.
The Federal Reserve portrayed the U.S. economy as slightly healthier but cautioned that it remains vulnerable to the European debt crisis. "Strains in global financial markets continue to pose significant downside risks to the economic outlook," the Fed said. Stock indexes turned lower after the Fed released its policy statement at 2:15 p.m.
Asia stocks down dec 14 2011, as Fed holds off on new stimulus
Asian stocks fell Wednesday after the Federal Reserve refrained from offering new initiatives to help a slowly recovering U.S. economy.
Benchmark oil hovered below $100 per barrel while the dollar rose against the euro but slipped against the yen.
Japan's Nikkei 225 index fell 0.5 percent to 8,509.24. South Korea's Kospi lost 0.3 percent at 1,857.85 and Hong Kong's Hang Seng shed 0.2 percent to 18,404.38. Australia's S&P/ASX 200 rose 0.1 percent to 4,197.80. Benchmarks in mainland China, Singapore and Indonesia fell while Taiwan, the Philippines and Thailand rose. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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