Markets were steadily rising Thursday until the Federal Reserve announced it would not raise interest rates. Though economists and investors suspected the Fed might hold off on a long-anticipated rate hike, the announcement was followed by a wild afternoon trading session that saw the market run up and then swoon.

The Dow Jones industrial average, which was up by nearly 200 points during the day, closed Thursday down 65 points to 16,675.

The S&P 500 was up by nearly 26 points midday but ended the day down five points to 1,990.

The Nasdaq rose on the day, climbing five points to 4,894, though the index was up by as much as 76 points midday.

The LABJ Stock Index rose two points to 227.

Gainers and Losers

Van Nuys semiconductor manufacturer Trio Tech International was Thursday’s biggest local gainer among stocks trading above $1. Shares of the company rose 13 percent on the day, closing at $2.63.

Thursday’s biggest loser was Ritter Pharmaceuticals Inc., a developer of drugs to treat lactose intolerance. Shares fell 5 percent on the day, closing at $3.15.