Stocks in the United States fell on Wednesday, after the Federal Reserve issued a pessimistic view on the economy.
The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment.
Financial shares earlier led the market higher. Technology shares were also negative.
Energy stocks lost ground even though crude oil rose in price. US front-month crude settled up 3.2% to $US62 per barrel on the New York Mercantile Exchange.
The Dow Jones industrial average fell 52.57 points, or 0.62%, at 8,422.28.
Standard & Poor's 500 Index lost 4.64 points, or 0.51%, at 903.49. The Nasdaq Composite Index was off 6.70 points, or 0.39%, at 1,727.84.
