U.S. stocks slipped Wednesday after the Federal Reserve raised interest rates and said it expects to increase rates two more times by the end of the year. Investors bet that several huge deals are more likely to go ahead after a federal court cleared AT&T's $85 billion purchase of Time Warner.
The S&P 500 index slid 11.22 points, or 0.4 percent, to 2,775.63.
The Dow Jones industrial average gave up 119.53 points, or 0.5 percent, to 25,201.20.
The Nasdaq composite dipped 8.09 points, or 0.1 percent, to 7,695.70.
The Russell 2000 index of smaller-company stocks declined 5.76 points, or 0.3 percent, to 1,676.54.
For the week:
The S&P 500 is down 3.40 points, or 0.1 percent.
The Dow is down 115.33 points, or 0.5 percent.
The Nasdaq is up 50.19 points, or 0.7 percent.
The Russell 2000 is up 4.05 points, or 0.2 percent.
For the year:
The S&P 500 is up 102.02 points, or 3.8 percent.
The Dow is up 481.98 points, or 2 percent.
The Nasdaq is up 792.31 points, or 11.5 percent.
The Russell 2000 is up 141.03 points, or 9.2 percent.