U.S. stock indices declined on Wednesday after the Federal Reserve admitted that economic growth slowed. However the central bank indicated that interest rates could still be raised in March. "In light of the current shortfall of inflation from 2%, the Committee will carefully monitor actual and expected progress toward its inflation goal," Fed's statement said.

The Dow Jones Industrial Average fell 222.77 points, or 1.4%, to 15,944 reversing an earlier gain of 150 points. The S&P 500 lost 20.68 points, or 1.1%, to 1,882.95. The Nasdaq Composite fell 99.51 points, or 2.2%, to 4,468.17.

A 6% decline in Apple stocks weighed on the Dow index after the company reported that iPhone sales posted the slowest growth pace since the handset's introduction in 2007.

This morning in Asia Hong Kong Hang Seng climbed 0.18%, or 34.14, to 19,086.59. China Shanghai Composite Index fell 0.81%, or 22.23, to 2,713.33. The Nikkei declined 0.27%, or 46.11, to 17,117.81.

Asian stock indices traded mixed as investors remained concerned over volatile oil prices, China's slowing economy and weakness of the global economy.