U.S. stock benchmarks gave up earlier gains and closed lower on Wednesday as the Federal Reserve raised benchmark interest rates by a quarter of a percentage point, as expected, and signaled that the domestic economic growth outlook warranted a more aggressive rate-hike path than investors had anticipated. The S&P 500 fell 11.22 points, or 0.4%, to 2,775.63. The Dow Jones Industrial Average lost 119.60 points, or 0.5%, to 25,201.13. The Nasdaq Composite Index , which earlier set an intraday record at 7.748.96, turned lower to close 8.09 points, or 0.1%, lower at 7,695.70. Among the biggest losers on the S&P 500, H&R Block Inc. plunged 18%.