Updated with Fed's beige book and Treasuries.NEW YORK ( TheStreet) -- The Federal Reserve said the pace of economic decline is slowly moderating, but that did little for investors weary from a drop in oil prices and Chinese stocks Wednesday. On the bright side, all three major indices closed off of their lows for the day. The Dow Jones Industrial Average ultimately fell 26 points, or 0.3%, to 9070.72, and the S&P 500 gave up 4.47 points, or 0.5%, to 975.15. The Nasdaq Composite edged down 7.75 points, or 0.4%, to 1967.76. Wall Street turned its eye from earnings to crude oil Wednesday as futures tumbled $3.88 to $63.35 after the American Petroleum Institute and Energy Information Administration reported larger-than-expected stockpile builds. The Philadelphia Oil Service Sector index fell 3.3%, and integrated oil stocks PetroChina ( PTR) and ConocoPhillips ( COP) -- which also reported earnings -- lost 4.2% and 3.5%, respectively. Click the button below to hear Darin Newsom, senior commodities analyst at DTN, discuss what to make of the supply-and-demand equation in crude oil in an interview originally posted Tuesday. Industrials and commodities led a 5% decline in China's benchmark Shanghai Composite Index, adding to investor anxiety around the world early on. A weak U.S. Treasury auction of 5-year notes didn't help. Neither did the Federal Reserve's beige book report, which said that data from its 12 districts suggest economic activity continued to be weak going into the summer, "but most Districts indicated that the pace of decline has moderated since the last report or that activity has begun to stabilize, albeit at a low level." Spells of late-day buying led to a higher close on Monday and a mixed close Tuesday on what would have otherwise have been down sessions. That resiliency in addition to improved data on housing has been noted by market-watchers as a potentially bullish sign.