Stocks finished the day bit lower amid a busy day on Wall Street.
Energy companies and retailers fell more than the rest of the market Wednesday. Exxon Mobil lost 2% and Home Depot gave up 2.4%. Safe-play stocks like utilities and real estate companies held up better. Simon Property Group jumped 2.3%. The S&P 500 fell 22 points, or 0.8%, to 2,923. The benchmark index is coming off three record high closes in a row. The Dow Jones Industrial Average fell 162 points, or 0.6%, to 26,430. The Nasdaq fell 45 points, or 0.6%, to 8,049.
As expected the Central Bank held steady on the federal funds rate.
In a unanimous vote, the fed decided to keep rates unchanged at a rate of 2.25 to 2.5 percent. In the accompanying statement the Central Bank said the economy was growing at a solid rate, while inflation has declined and is running below 2 percent.
As for future rate hikes, the fed said that it would be patient. in economic news today.
Payroll processor ADP said that private sector employment was up sharply in April. It was up by 275,000 jobs.
Elsewhere the Institute for Supply Management said that growth in manufacturing activity hit its slowest pace in about two years.
And in the oil markets, crude prices fell around a half percent today amid an increase in U.S. crude inventories, and as investors continue to eye the latest political unrest in Venezuela.
The near-month contract for the benchmark grade fell 31 cents -- closing at $63.60 a barrel.