Wall Street pulls back after Fed rally as energy drags

US stocks fell on Thursday as energy shares slumped, with the broad S&P 500 handing back some gains from the prior session sparked by a policy statement from the Federal Reserve that was more dovish than expected.
According to Reuters, US stocks had rallied more than 1 percent on Wednesday as investors, who had sold equities ahead of the meeting, were relieved by the Fed's statement which cut economic growth and inflation projections and indicated it was in no rush to hike interest rates.
But investors will now seek signs of improvement in the U.S. economy to justify the removal of the word 'patient' from the central bank's statement.
'The Fed has painted themselves into a bit of a corner here,' said Keith Bliss, senior vice-president at Cuttone & Co in New York.
'Now they have an issue where they have the potential for weakening economic data and you have this dollar which is like a runaway freight train.'