U.S. stocks sank Wednesday in a wild session after the Federal Reserve raised its benchmark overnight lending rate for the fourth time this year.

The Dow Jones Industrial Average fell 351.98 points and closed at its lowest level so far this year at 23,323.66, erasing a 380 point gain that came prior to the Fed decision. The broad S&P 500 index also closed at a 2018 low, falling 1.5 percent to finish at 2,506.96 as technology and banks stocks rolled over. The Nasdaq Composite fell 2.1 percent to 6,636.83, its own 2018 closing low with shares of Apple losing more than 3 percent.

The major indexes all hit intraday lows for the year as well.

For traders, the Fed's statement and Chairman Jerome Powell's subsequent press conference did not suggest that the central bank would slow its pace of rate hikes as quickly as some had hoped. Markets took a leg lower during Powell's comments that the central bank would continue to reduce the size of its balance sheet at the current pace.