NEW YORK — The latest on developments in financial markets (all times local):

4:00 p.m.

Stocks are closing lower Wednesday after the Federal Reserve signaled that faster interest rate hikes are on the way.

AT&T fell 6.2 percent and Time Warner gained 1.8 after a judge cleared the way for AT&T's $85 billion takeover of Time Warner. Other media, telecommunications and healthcare companies with pending deals also benefited: Twenty-First Century Fox rose 7.7 percent and Express Scripts rose 3.3 percent.

The Federal Reserve raised its key short-term interest rate and said it expects to raise rates two more times by the end of the year.

The S&P 500 index slid 11 points, or 0.4 percent, to 2,775.

The Dow Jones industrials fell 119 points, or 0.5 percent, to 25,201. The Nasdaq composite lost 8 points, or 0.1 percent, to 7,695.

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12:00 p.m.

Stocks are mixed Wednesday, with investors focused on a major antitrust ruling that could pave the way for megadeals in a several other industries.

AT&T fell 4.3 percent and Time Warner gained 3.3 after a judge cleared the way for AT&T's $85 billion takeover of Time Warner. Other media, telecommunications and healthcare companies with pending deals also benefited: Twenty-First Century Fox rose 7.5 percent and Express Scripts rose 3.6 percent

The Federal Reserve is expected to raise interest rates this afternoon, and investors will look for hints about how many additional rate hikes will follow.

The S&P 500 index rose 3 points, or 0.1 percent, to 2,790.

The Dow Jones industrials climbed 17 points, or 0.1 percent, to 25,337. The Nasdaq composite added 39 points, or 0.5 percent, to 7,742.

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9:40 a.m.

Stocks are opening slightly higher Wednesday, with investors focused on the approval of AT&T's takeover of Time Warner as well as the Fed statement due in the afternoon.

AT&T fell 4.2 percent and Time Warner gained 3.7 after a judge cleared the way for the $85 billion takeover of Time Warner. The ruling also brought deals involving Comcast, Twenty-First Century Fox and Disney into investors' sights.

With the Fed expected to announce a slight rate increase, attention will focus more on how many additional rate hikes the central bank may do this year.

The S&P 500 index rose 1 point, or less than 0.1 percent, to 2,787.

The Dow Jones industrials climbed 33 points, or 0.1 percent, to 25,354. The Nasdaq composite added 11 points, or 0.2 percent, to 7,714.