Equities end lower in choppy trade after Fed rate cut

The Dow fell 103.08 points, or 0.25%, to 41,503.10, the S&P 500 lost 16.32 points, or 0.29%, to 5,618.26 and the Nasdaq lost 54.76 points, or 0.31%, to 17,573.30.

NEW YORK: US stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.

Trading was choppy. Prior to the Fed announcement, the S&P 500 oscillated between modest gains and losses. The benchmark index rose as much as 1% after the announcement before paring gains and finally closing lower. The Dow and S&P 500 hit intraday highs before weakening.