Wall Street drops by the close, Dow Jones marks 0.5% loss

US stock indices closed lower in a volatile session after the Federal Reserve raised interest rates in today's policy meeting as expected, while paving the way for an accelerated pace of policy tightening this year. 

Dow Jones fell 0.47%, or 119.53 points to 25,201.20. 

Standard and Poor's 500 shed 0.40%, or 11.22 points to 2,775.63. 

Tech-heavy NASDAQ slipped 0.11%, or 8.10 points to 7,695. 

The Federal Open Market Committee voted to increase interest rates by 0.25% to a range of 2.00% and 1.75%, matching analysts' expectations.