Stocks and exchange-traded funds were buffeted Wednesday by sharp swings in sentiment after the Federal Open Market Committee said interest rates would stay unchanged, pushing the dollar down to its low point for the year.

Indexes whipsawed Wednesday afternoon after news that a key interest rate will stay near 0%.

The Dow Jones Industrial Average gave back mid-double-digit gains and closed down 18 points at 9811. The Nasdaq swung down 3 to 2144, and the S&P 500 ebbed 2 to 1068.

The dollar hit a new year-to-date low, then rallied to move inversely against major indexes. By 3:06 p.m., the greenback had hit $1.4798 per euro and briefly touched $1.4844, the weakest level since September 2008.

In a note released Wednesday afternoon, the Federal Open Market Committee said that since August, "economic activity has picked up following its severe downturn. Conditions in financial markets have improved further, and activity in the housing sector has increased."

As of 4:07 p.m., crude oil futures prices were down $3.36 at $68.40 a barrel.

For a detailed rundown on Wednesday s trading session see our market story.

Winners

The United States Natural Gas fund picked up 2.5% as energy prices stayed volatile. The Semiconductor HOLDRS fund rose 1.2% as tech stocks remained a bright spot during the afternoon market slide.

Losers

The sharp drop in crude futures pushed shares of the United States Oil fund down 4.9%. The iShares Cohen & Steers Realty Majors Index fund sagged 4.0% as investors considered the rate decision's impact on mortgage activity and credit availability.

Thursday s Notebook

Earnings and Conference Calls
3Com, American Greetings, Analogic, Christopher & Banks, Finish Line, LightPath Technologies, McCormick, Media Sciences International, Neogen, Research In Motion, Rite Aid, Scholastic, Spectrum Control, Steelcase, United American Healthcare, Vail Resorts

Economic Data
8:30 a.m. Jobless Claims
10:00 a.m. Existing Home Sales
10:30 a.m. EIA Natural Gas Report