The stock market gave up a modest gain and turned lower after the Federal Reserve issued a cautious assessment of how the US economy was doing. The Fed said in its latest policy statement that it was concerned about how turbulence in global economics and finance could affect US growth. At the same time, investors seemed disappointed that the Fed didn't explicitly say it would slow down its plans to increase interest rates.
Technology stocks fell after Apple said iPhone sales were slowing. Apple also predicted its first revenue decline in 13 years. The Dow Jones industrial average lost 222 points, or 1.4%, to 15,944. The Standard & Poor's 500 index fell 20 points, or 1.1%, to 1,882. The Nasdaq dropped 99 points, or 2.2%, to 4,468.