Wall Street gains evaporate, S&P 500 ends lower on Fed tightening timeline

The Dow Jones Industrial Average fell 129.64 points, or 0.38%, to 34,168.09, the S&P 500 lost 6.52 points, or 0.15%, to 4,349.93

The S&P 500 ended lower on Wednesday, taking an abrupt nosedive that reversed earlier solid gains after the U.S. Federal Reserve released its statement at the conclusion of its two-day policy meeting.

All three major U.S. stock indexes gyrated wildly in the final minutes of a session that ended with the Dow joining the S&P in negative territory and the Nasdaq eking out a nominal gain.

The indexes enjoyed a brief surge after the Federal Open Markets Committee left key interest rates near zero. But those gains quickly evaporated as the Fed statement warned it would soon begin raising the Fed Funds