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New York City - US stocks closed lower on Wednesda after the US Federal Reserve maintained an aggressive monetary stimulus programme and reiterated that it will await stronger economic conditions before scaling it back.
The Dow Jones Industrial Average fell 61.59 (0.39%) to 15,618.76.
The broad-based S&P 500 declined 8.64 (0.49%) to 1,763.31, while the tech-rich Nasdaq Composite Index gave up 21.72 (0.55%) at 3,930.62.
The Fed's decision to hold steady on its $85bn per-month bond-buying programme, though bullish for stocks, was widely anticipated and had helped propel the Dow and S&P 500 to records Tuesday.
Analysts said the markets were due for a break.
"It's just a case of profit taking," said William Lynch, director of investment for Hinsdale Associates.
The market "has been so strong that it's been due for a breather."
US auto giant General Motors powered 3.2% higher after earnings excluding special items bested expectations by three cents at 96 cents per share. The company reported better results in North America and a narrowed loss in Europe.
Video game developer Electronic Arts jumped 7.8% after reporting earnings of 33 cents per share, more than double the 12 cents expected by analysts. The company also raised its earnings forecast.
Pharmaceutical company Gilead Sciences jumped 4.6% after earnings rose 17% to $788.6m and the company raised its revenue forecast and plans for research and development spending. Sales of antiviral products were particularly strong.
Money transfer firm Western Union sank 12.4% after announcing that it expects operating profit growth to stall in 2014 due to significantly higher regulatory costs.
Internet networking site LinkedIn sank 9.3% after the company's fourth-quarter revenue forecast of $415-$420 million lagged analyst forecasts of $438.1m.
Bond prices fell. The yield on the 10-year US Treasury rose to 2.53% from 2.51% on Tuesday, while the 30-year edged higher to 3.63% from 3.62%. Bond prices and yields move inversely.
