US stocks fall as Fed leaves rates unchanged

US stocks fell on Wednesday.

The S&P 500 fell 0.2 percent, its fifth consecutive decline.

US stocks fell despite the Federal Reserve leaving interest rates unchanged at its monetary policy meeting and giving indications that fewer rate hikes may be in store than previously expected.

"We do need to make sure that there's sufficient momentum," Fed Chair Janet Yellen said at a news conference.

For the latest meeting, six of 17 policymakers projected just one rate increase this year.

Markets were more positive elsewhere in the world.

The STOXX Europe 600 rose 1 percent while the Nikkei 225 rose 0.4 percent.

The Shanghai Composite Index jumped 1.6 percent even though MSCI decided not to include a group of mainland Chinese stocks in its emerging markets index.