(CNBC) — U.S. stocks closed more than 1 percent lower Wednesday, despite higher oil prices, as disappointing quarterly reports weighed and the Fed statement renewed concerns about global economic growth. ( Tweet This )
The major averages initially held near earlier levels — narrowly mixed — following the statement release, before falling past morning lows.
The Dow Jones industrial average briefly declined more than 250 points and the Nasdaq composite was off more than 2 percent. The S&P 500 temporarily lost 1.5 percent as information technology weighed. Apple extended earlier losses, trading more than 6 percent lower as of 3:40 p.m. ET.
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