The Dow and the S&P 500 fell on Wednesday after the Federal Reserve said it would launch a new $400 billion program to aid the flagging economy.

The Dow Jones industrial average <.DJI> dropped 142.29 points, or 1.25 percent, to 11,266.37. The Standard & Poor's 500 Index <.SPX> slid 16.35 points, or 1.36 percent, to 1,185.74. The Nasdaq Composite Index <.IXIC> slipped 9.28 points, or 0.36 percent, to 2,580.78.

The Dow had briefly turned positive just after news of the Fed statement, but then turned lower. The S&P 500 declined in sync with the Dow, and the Nasdaq gave up its gain.

(Reporting by Edward Krudy; Editing by Jan Paschal)