U.S. stocks edged mostly lower in afternoon trading Wednesday following the Federal Reserve's latest policy announcement. The central bank reiterated that it will be patient in raising rates from record lows, but it also voiced new concerns about low inflation.

KEEPING SCORE: The Dow Jones industrial average fell 14 points, or 0.1 percent, to 17,372 as of 2:30 p.m. Eastern. The Standard & Poor's 500 slipped seven points, or 0.4 percent, to 2,021. The Nasdaq composite added one point, or less than 1 percent, to 4,683.

FED WATCH: In a statement after its latest policy meeting, the Fed noted it would remain "patient" in raising rates from near zero. It also expressed greater concern about excessively low inflation. Inflation has stayed ultra-low partly because of a plunge in energy prices and a steadily strengthening dollar. Many economists have forecast a Fed rate hike in June but some have pushed back that timetable. When interest rates remain low they tend to make stocks more attractive in comparison with bonds.

THE QUOTE: Investors also were also looking for any reference to heightened concerns about global growth, said Quincy Krosby, market strategist for Prudential Financial.

"If they put that in there and you have more of this worry over currencies and so on, then perhaps (the Fed) will be patient even longer than the market expects," Krosby said. "It's not a question of if the Fed raises rates, it's when."

SECTOR WATCH: Seven of the 10 sectors in the S&P 500 fell, with energy stocks dropping the most as the slide in oil prices resumed. The sector is down 4.5 percent this year. Technology stocks led the gainers. The sector is coming off a steep decline on Tuesday.

OUT OF GAS: Shares in several oil and gas exploration companies, as well as drilling services and equipment providers, tumbled as oil prices continued to decline. Nabors Industries dropped the most among companies in the S&P 500. It slid $1.30, or 10.9 percent, to $10.58. Denbury Resources lost 59 cents, or 8.3 percent, to $6.55. National Oilwell Varco fell $3.90, or 6.8 percent, to $53.80.

ENERGY: Benchmark U.S. crude fell $1.87 to $44.36 in New York. The U.S. releases its inventory report Wednesday. The contract added $1.08 on Tuesday to close at $46.23.

IPHONE FEVER: Shares in Apple surged $7.65, or 7 percent, to $116.79 after the tech giant reported record-smashing earnings for its latest quarter. Apple said late Tuesday that it sold 74.5 million iPhones during the three months that ended Dec. 31, beating Wall Street expectations.

JETSETTER: Boeing's profit vaulted 19 percent in the fourth-quarter on strong demand for commercial jets airliners. The results topped Wall Street expectations by a wide margin. The stock rose $8.92, or 6.7 percent, to $141.40.

BEATING EXPECTATIONS: A day after several big-name companies turned in disappointing financial results, investors welcomed a batch of better earnings. Along with Boeing, video-game maker Electronic Arts, storage container seller Tupperware Brands and computer chip maker Freescale Semiconductor each reported better-than-expected earnings. Shares in Electronic Arts rose $6.40, or 13.2 percent, to $54.81, while Tupperware gained $6.64, or 11.1 percent, to $66.38. Freescale jumped $4.80, or 18.2 percent, to $31.15.

STURDY RESULTS: U.S. Steel reported a drop in fourth-quarter profit and revenue, but its financial results beat Wall Street expectations. The stock climbed $2.52, or 11.8 percent, to $23.79.

MARKETS OVERSEAS: European markets were mixed as investors monitored developments in Greece, where the new government said it would change many of the budget measures promised to eurozone creditor nations in exchange for rescue loans. Germany's DAX rose 0.8 percent, while France's CAC 40 shed 0.3 percent. Britain's FTSE 100 lost 0.6 percent.

CURRENCY: The dollar edged lower to 117.72 yen from Tuesday's 117.80 yen. The euro edged down to $1.1329 from the previous session's $1.1362.

BONDS: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.75 percent.

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AP Business Writer Joe McDonald in Beijing contributed to this story.