U.S. Stocks Fall, Dollar Gains With Treasuries on Fed Decision

U.S. stocks fell, erasing an earlier rally, as crude oil’s plunge to its lowest level in more than six years sent energy shares lower. Treasuries climbed after the Federal Reserve maintained a pledge to be “patient” on interest rates, citing international risks to the economy.

The Standard & Poor’s 500 Index closed down 1.4 percent by 4 p.m. in New York, erasing an earlier 0.6 percent gain as energy companies fell the most in three weeks. U.S. oil tumbled 3.9 percent to below $45 a barrel on data showing the highest American supplies of the commodity in more than 30 years. Apple Inc. jumped 5.7 percent on record earnings. Ten-year Treasury yields slid by 10 basis points to 1.72 percent. New Zealand’s dollar slumped as policy makers signaled a long pause on rates.