U.S. Stocks Tumble Following Fed Decision

U.S. stocks closed more than 1% lower Wednesday, despite higher oil prices, as disappointing quarterly reports weighed and the Fed statement renewed concerns about global economic growth.

The Dow Jones industrial average stumbled 222.77 points, or 1.4%, to 15,944.46. Apple and Boeing declined sharply as the greatest weights on the Dow. The two stocks accounted for about 120 points off the index in afternoon trade.

The S&P 500 dropped 20.64 points to 1,882.99, as information technology weighed.

The NASDAQ index lost 99.5 points, or 2.2%, to 4,468.17. Apple extended earlier losses, trading more than 6% lower

Boeing held 9% lower. The stock initially fell more than 9.5% after the firm gave full-year guidance below expectations, although the jet maker reported earnings that beat on both the top and bottom line.

Shares of Apple were off more than 6% after the iPhone maker reported fewer-than-expected unit sales of its flagship product, for the lowest growth in shipments since the iPhone was launched in 2007. Apple also forecast its first revenue drop in 13 years, citing some softness in the critical Chinese market

In other earnings news, United Technologies, maker of Pratt & Whitney aircraft engines and Otis elevators, reaffirmed guidance but reported a 4.5% decline in fourth-quarter revenue as a strong dollar weighed.

Biogen held 5.7% higher after jumping jumped more than 9.5% in midday trade after the firm posted earnings that beat on both the top and bottom line, driven by higher demand for a key drug.

As widely expected, the Federal Reserve left rates unchanged in its post-meeting statement Wednesday. The central bank said it is "closely monitoring global economic and financial developments and is assessing their implications for the labour market and inflation, and for the balance of risks to the outlook."

U.S. crude oil futures jumped more than 3.5%, after the Energy Information Administration reported a build of 8.4 million barrels, more than the prior week's four-million-barrel rise but less than an earlier industry report indicated.

In economic news, new home sales jumped to a seasonally-adjusted annual rate of 544,000 from an upwardly revised November figure of 491,000.

Prices for the 10-year Treasury revived, dropping yields back to Tuesday's 2%. Treasury prices and yields move in opposite directions.

Oil prices improved 57 cents a barrel to $32.02 U.S.

Gold prices moved forward $6.20 to $1,126.11 U.S. an ounce.