Stocks fall after Fed statement, oil drop

U.S. stocks fell on Wednesday, driven by extended losses in the S&P 500 energy sector, after the Federal Reserve said it will remain "patient" in deciding when to raise interest rates. While many market participants said they were unsurprised by the statement, Stephen Massocca, Chief Investment Officer of Wedbush Equity Management LLC in San Francisco said the Fed's language looked slightly stronger in support of a rate hike. The Fed's mention of international development