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Federal Reserve voted Wednesday not to raise its key interest rate, as central bank officials expressed concern with the pace of economic growth.

http://www.reuters.com/article/us-usa-fed-idUSKBN17Z28S

The Fed raised its benchmark rate by a quarter percentage point at its last meeting in March to a target range of 0.75 percent to 1 percent.

Before this week's meeting most Fed policymakers had made it clear that in contrast to previous years the central bank feels more confident in its forecast of two more rate increases in 2017.

Wednesday's affirmation from the Fed that it was optimistic on economic growth and that its rate rise plans remained intact bolstered the dollar against the euro and yen and pushed Treasury yields slightly higher.

Some analysts said the Fed's statement showed officials looking past recent signs of slow economic growth and holding course toward raising rates again in June.

Materials shares in the S&P 500 fell 1.1%, weighed down by a sharp decline in copper prices that came as growing inventories coincided with fears about slowing demand from China. Freeport-McMoRan lost 5.7%. DuPont fell 1.7%, among the biggest percentage declines in the Dow industrials.

Falling shares of Apple also dragged on major indexes. The Nasdaq Composite pulled back from recent records after the iPhone maker late Tuesday reported an increase in profit but tepid demand for its flagship product.

Apple pared losses to 0.3% after early declines Wednesday. Shares of the world's most-valuable company had soared to records earlier this year. Tech stocks have been the best performer in the S&P 500 in 2017, rising roughly 16%.