(CNBC) The S&P 500 closed lower on Thursday following big gains in the previous session as investors digested the latest monetary policy decision from the Federal Reserve.

The broad index pulled back 0.25 percent to 2,806.83 as energy lagged, snapping a three-day winning streak. The Nasdaq Composite also fell 0.5 percent to 7,530.88 as Qualcomm shares fell sharply. The Dow Jones Industrial Average eked out a small gain, however, climbing 10.92 points to 26,191.22 to post a four-session winning streak.

The Fed kept interest rates unchanged, as was widely expected. However, the central bank said in a statement it expects “further gradual increases” in the overnight rate. The Fed also did not mention the volatility that has hit the market recently.

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