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NEW YORK Mauricio Isla Chile Jersey , Jan. 28 (Xinhua) -- U.S. stocks shaved early gains to drift lower Wednesday despite cheerful earnings, as the Federal Reserve's statement and falling oil prices weighed on market sentiment.

The Dow Jones Industrial Average fell 195.84 points, or 1.13 percent, to 17,191.37. The S&P 500 dropped 27.39 points, or 1.35 percent Matias Fernandez Chile Jersey , to 2,002.16. The Nasdaq Composite Index was down 43.50 points, or 0.93 percent, to 4,637.99.

The Fed gave no signal Wednesday that it is backing away from plans to hike rates this year. In a statement released after a two- day meeting of its Federal Open Market Committee (FOMC), the Fed said the economic activity in U.S. has been expanding at a solid pace Mark Gonzalez Chile Jersey , compared to the wording of "at a moderate pace" in its December statement.

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U.S. oil price tumbled nearly 4 percent Wednesday as U.S. crude inventories added more than expected last week. Light, sweet crude for March delivery lost 1.78 U.S. dollars to settle at 44.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery moved down 1.13 dollars to close at 48.47 dollars a barrel.

However, quarterly earnings came out upbeat Wednesday. Apple shares surged 5.65 percent to 115.31 dollars apiece after its first-quarter earnings of 2015 beat analyst expectations.

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