U.S. equities closed mixed on Wednesday after the Federal Reserve raised interest rates for the second time this year.
The Dow Jones industrial average ended about 45 points higher after briefly dipping. The 30-stock index also hit intraday and closing records.
The S&P 500 slipped 0.1 percent, as energy and materials all fell more than 1 percent. Energy was dragged lower by falling crude prices, which were pressured by a smaller-than-expected drawdown in U.S. oil inventories.
Fed Chair Janet Yellen "wants to hike again and stocks don't like that. She acknowledged the falling inflation rate and still said she want to hike again and still wants to reduce the balance sheet," said Peter Boockvar, chief market analyst at The Lindsey Group.
However, Bodhi Ganguli, lead economist at Dun & Bradstreet, said: "We'll need a significant deterioration in the dual mandate for the Fed to hold off on raising rates further. A little weakness in inflation won't be enough."
The Nasdaq composite pulled back 0.4 percent.
The Fed raised rates by 25 basis points, as was widely expected, and kept is rate forecast unchanged. The central bank noted that household spending had "picked up in recent months," an upgrade from the May statement.
The Fed also provided more details on how it plans to reduce its massive $4.5 trillion balance sheet.
Quincy Krosby, chief market strategist at Prudential Financial, said the Fed "appears intent on normalizing rates, as well as winding down its balance sheet, as Chair Yellen's tenure expires."