(CNBC) — Stocks fell after the Federal Reserve hiked interest rates and indicated that two more increases are likely this year.

The Dow Jones industrial average fell about 115 as losses in Boeing and Caterpiller offset positive numbers in the Walt Disney Company. The S&P 500 lost roughly 0.4 percent as health care and consumer discretionary stocks struggled against losses in energy and telecommunications.

The Nasdaq composite rose to a new intraday high early in the session as media stocks rallied following a federal judge’s decision to permit AT&T’s bid for Time Warner.

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