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All major indexes negative after Fed statement; bond yields higher

U.S. stocks turned lower Wednesday in choppy trade as investors digested the afternoon release of the Fed statement. (http://cnb.cx/1P4O61z&text=All major indexes negative after Fed statement, bond yields higher&via=CNBC"> Tweet This )

The Federal Reserve kept interest rates unchanged in its statement released at the conclusion of its two-day meeting.

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The Dow Jones industrial average traded about 12 points lower after rising more than 120 points prior to the statement release.

Boeing weighed the most on the index, while Apple contributed the most to gains. Earlier, the blue chip index hit its highest level since Aug. 3.

The S&P 500 and Nasdaq composite gave up gains to trade slightly lower in the minutes after the Fed statement release.

Bank stocks continued to trade higher despite the decline in the major averages, with the SPDR S&P Regional Banking ETF up more than 2 percent.

Treasury yields held higher, with the 10-year yield at 2.10 percent and the 2-year yield near 0.71 percent.

The euro weakened against the dollar to trade below $1.10, with the yen at 120.96 yen against the dollar.

Peter Boockvar, chief market analyst at The Lindsey Group, attributed some early support to gains in European equities and Apple's stock, following earnings that beat expectations on both the top and bottom line. The iPhone maker's stock briefly traded 3 percent higher.

Crude oil extended gains to trade more than 6 percent higher after the U.S. government reported crude stocks rose last week, but gasoline and distillate inventories fell.

Energy gained more than 2 percent to lead advancing sectors in the S&P 500.

The Nasdaq composite held higher after earlier dipping into negative territory as declines in Walgreens Boots Alliance, Gilead and Akamai mostly offset gains in Apple.

The Federal Open Market Committee concludes its two-day monetary policy meeting Wednesday and was scheduled to release its statement at 2 p.m., ET. Most expected the central bank to keep rates unchanged.

"Probably even now you'll probably see a muted trade heading into that announcement," said Ryan Larson, head of equity trading, U.S., at RBC Global Asset Management (U.S.). "They're really going to be looking at the statement, (to see) what, if anything, they'll be able to derive whether it's a 2015 or 2016 event."

He said the...


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