Updated from 3:30 p.m. EDTStocks on Wall Street ended a muddled Wednesday with mixed results, after the Federal Reserve cut its target interest rate to 1%. Blue-chip stocks sold off sharply in the final minutes of trading, while technology shares held on to modest gains. The Dow Jones Industrial Average, which rose as much as 298 points in the final hour, plummeted from that session high as the close approached, ending down 74.16 points, or 0.8%, at 8990.96. The index has yet to post two consecutive days of gains this month. The S&P 500 lost 10.42 points, or 1.1%, to 930.09. The Nasdaq gained 7.74 points, or 0.5%, to 1657.21. Following a two-day meeting that began Tuesday, the Fed announced it had cut its key interest rate by 50 basis points to 1%, a move that had been widely expected by investors. In its policy statement accompanying the cut, the central bank said that its board of governors had voted unanimously for the change. It said that the economy has slowed substantially and it expects inflation to moderate to levels of price stability. Tumultuous credit markets are likely to continue to restrain spending, the Fed said. The agency also noted that recent policy action, including "extraordinary liquidity measures," should help improve credit conditions.