Lower close despite Fed's downgrade of economic outlook

The Federal Reserve downgraded its outlook of the nation's economy which indicated that interest rates would remain low for the foreseeable future but the markets closed lower with Dow dropping 74 points to 18,035. Nasdaq tumbled 31 points to 5,023.

On the upside

The Food and Drug Administration granted orphan drug designation to Bio-Path Holdings' (Nasdaq: BPTH) Liposomal Grb-2 to treat acute myeloid leukemia.

First quarter earnings slipped for LogMeIn (Nasdaq: LOGM) but the result were better than expected as revenue climbed.

Rising crude oil prices lifted shares of SandRidge Energy (NYSE: SD).

On the downside

Novadaq Technologies (Nasdaq: NVDQ) reported a wider than expected loss for the first quarter.

First quarter earnings edged up for Buffalo Wild Wings (Nasdaq: BWLD) but the results missed analyst estimates and the restaurant operator announced that only some locations would be showing the Pacquiao-Mayweather fight this Saturday.

Dice Holdings (NYSE: DHX) reported higher first quarter earnings as revenue rose but company forecast current quarter and full year results below expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 lost 7 points to 2106. Bitcoin edged up to $227.