Markets fall as Fed raises rates

Markets mostly fell on Wednesday.

In the US, the Dow Jones Industrial Average rose 0.2 percent to close at a record high but the S&P 500 fell 0.1 percent and the Nasdaq Composite fell 0.4 percent.

Elsewhere, the STOXX Europe 600 fell 0.3 percent and the Nikkei 225 fell 0.1 percent.

Oil fell after US government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production. West Texas Intermediate crude fell 3.7 percent and Brent fell 3.5 percent.

Markets were little-moved by the Federal Reserve's decision on Wednesday to raise its benchmark rate a quarter point to a range of 1 to 1.25 percent. The Fed also announced that it will begin the process of reducing its balance sheet this year.

The Fed raised interest rates even as it acknowledged that inflation “has declined recently” and “is expected to remain somewhat below 2 percent in the near term”.