U.S. stock indices closed lower at the end of trading on Thursday after a volatile session that initially saw the indices rise, as Wall Street attempted to maintain the upward momentum driven by the Federal Reserve's decisions and its interest rate outlook.

The broad market index (**S&P 500**) fell by 12.40 points, or 0.22 percent, while the **Nasdaq Composite** dropped by 59.16 points, or 0.33 percent, and the **Dow Jones Industrial Average** declined by 11.31 points, or 0.03 percent.

This comes after the U.S. Federal Reserve kept the range of U.S. interest rates unchanged at their current level of 4.25 to 4.50 percent for the second time this year on Wednesday, a decision that was widely anticipated.