How major US stock indexes fared Wednesday

U.S. stock indexes dipped Wednesday after the Federal Reserve took the latest step in its campaign to pull interest rates gradually higher.

The decision to raise the federal funds rate for a third time this year was widely expected, and stocks initially climbed following the announcement. But the gains faded in the last 30 minutes of trading after Fed Chairman Jerome Powell finished speaking at a news conference. The sharpest losses came from financial stocks, hurt by a drop in Treasury yields, which can crimp lending profits for banks.

On Wednesday:

The S&P 500 index fell 9.59 points, or 0.3 per cent, to 2,905.97.

The Dow Jones Industrial Average fell 106.93, or 0.4 per cent, to 26,385.28.

The Nasdaq composite lost 17.11, or 0.2 per cent, to 7,990.37.

The Russell 2000 index of smaller-company stocks dropped 17.20, or 1 per cent, to 1,691.61.

For the week:

The S&P 500 is down 23.70 points, or 0.8 per cent.

The Dow is down 358.22 points, or 1.3 per cent.

The Nasdaq is up 3.41 points, or less than 0.1 per cent.

The Russell 2000 is down 20.71 points, or 1.2 per cent.

For the year:

The S&P 500 is up 232.36 points, or 8.7 per cent.

The Dow is up 1,666.06 points, or 6.7 per cent.

The Nasdaq is up 1,086.98 points, or 15.7 per cent.

The Russell 2000 is up 156.10 points, or 10.2 per cent.