(CNBC) -- The Dow Jones Industrial Average fell Wednesday in volatile trading after a summary of the Federal Reserve's most-recent meeting showed the central bank was leaning toward more rate hikes moving forward.

The 30-stock index dropped 91.74 points to 25,706.68 as sharp losses in IBM offset strong gains in Goldman Sachs. The S&P 500 and Nasdaq Composite closed just below the flatline at 2,809.21 and 7,642.70, respectively.

The major averages closed well off their session lows, however. The Dow fell as much as 319.26 points, while the S&P 500 and Nasdaq both dropped at least 1 percent at their lows of the day.

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