Lower close even as Fed maintains rates

Despite indications that the Federal Reserve would not raise interest rates in June, the markets closed lower with the Dow losing 26 points to 18,285. Nasdaq added a point to 5,071.

On the upside

Dycom Industries (NYSE: DY) reported sharply higher third quarter earnings that topped analyst estimates.

The Wall Street Journal reported that several potential suitors have approached Pep Boys (NYSE: PBY).

Shares of 500.com (NYSE: WBAI) continued climbing.

On the downside

CNinsure (Nasdaq: CISG) reported lower first quarter earnings that fell short of expectations.

Concerns that low fuel expenses will prompt airlines to cut air fares sent shares of American Airlines (Nasdaq: AAL), United Continental (NYSE: UAL) and Southwest (NYSE: LUV) tumbling.

Qihoo 360 Technology (NYSE: QIHU) reported higher first quarter earnings and revenue that surpassed expectations but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The broader S&P 500 eased a point to 2125. Bitcoin held steady at $233.