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The S&P 500 index gyrated after the Federal Reserve lifted its key lending rate to the highest level not seen in fifteen years and indicated it will take time before price stability returns.

The Federal Reserve lifted its key lending rate range by 50 basis points to between 4.25% and 4.50% in an unanimous decision, following a four 75 basis point rate increases in a row.

U.S. import prices declined 0.6% in November and export prices eased 0.3% from the previous month, the fifth monthly fall in prices in a row, the U.S. Bureau of Labor Statistics said Wednesday.

Spain's consumer price inflation slowed to 6.8% in November from 7.3% in October and continued to ease for the fourth month in a row after peaking at 10.8% in July, the INE reported Wednesday.

U.K.'s consumer price inflation slowed to 10.7% in November from 11.1% in October after transportation costs rose at a slower pace and monthly pace slowed to 0.4% from 2.0%, the ONS said Wednesday.

Italy's seasonally adjusted jobless rate eased slightly to 7.9% in the third quarter from 8.1% in the second quarter, the statistical office Istat said Wednesday.

Eurozone industrial output declined for the first time in three months after rising for two months in a row. Output fell 2.0% in October from September, Eurostat said Wednesday.