S&P 500 ends down after late reversal despite Fed's low-rate stance

The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.

NEWYORK: The S&P 500 ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period.

The index initially extended gains and the Dow briefly rose more than 1% after the Fed kept rates near zero and promised in its policy statement to keep them near there until inflation is on track to "moderately exceed" the U.S. central bank's 2% target "for some time."