It was all about the Federal Reserve today, as the central bank imposed a quarter-point interest rate hike while signaling its rate-hiking strategy is coming to an end. Fed Chair Jerome Powell, in prepared remarks at the conclusion of the meeting, noted only one more hike is expected this year, a decision that follows a rough patch for the bank sector.

After the announcement, the 10-year Treasury yield moved sharply lower. The Dow erased a triple-digit lead to finish 530 points lower, while the S&P 500 and Nasdaq also drifted into the red later in the afternoon.

GOLD, OIL PRICES RALLY AFTER RATE DECISION

Oil prices settled firmly higher on Wednesday, as the central bank seemed to at least partially back off its hawkish stance. April-dated crude rose $1.23, or 1.8%, to close at $70.90 per barrel on the day.

Gold prices finished higher as well, following the Federal Reserve's interest rate decision. April-dated gold rose $8.50, or 0.4%, to settle at $1,949.60 per ounce.

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