U.S. stocks ended sharply lower Wednesday after the Federal Reserve raised interest rates by a quarter percentage point to a range between 2.25% and 2.50%. The S&P 500 SPX, +0.29% finished lower by 1.5% to around 2,507, based on preliminary numbers. The Dow Jones Industrial Average DJIA, +0.19% shed 352 points, or 1.5%, to around 23,323. The Nasdaq Composite COMP, +0.36% slipped 2.2% to 6,637. The blue-chip Dow hit a fresh 52-week low. The central bank's dot plot showed the members of the Fed's rate-setting committee expected two additional rate hikes in 2019, from a previous three. Investors had been calling for the Fed to pause its rate increases to avoid tightening financial conditions and slowing the economy. But analysts say robust economic data has kept the central bank on track to continue its gradual rate hike path. In company news, shares of FedEx Corp. FDX, +1.16% fell more than 11% after the logistics firm said it was lowering its earnings guidance for the current fiscal year.