Wall Street falls following latest Fed statement

NEW YORK (Reuters) - U.S. stocks fell on Wednesday after the Federal Reserve dropped the U.S. unemployment rate as its definitive yardstick for gauging the economy's strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates.

The Dow Jones industrial average <.DJI> fell 54.52 points or 0.33 percent, to 16,281.67, the S&P 500 <.SPX> lost 5.6 points or 0.3 percent, to 1,866.65 and the Nasdaq Composite <.IXIC> dropped 12.486 points or 0.29 percent, to 4,320.827.

(Reporting by Angela Moon; Editing by Nick Zieminski)