(Updates to mid-afternoon)
NEW YORK, March 19 (Reuters) - U.S. stocks extended losses on Wednesday in volatile trading a day after the Fed's rate cut, as investors sold stocks to take some profits from Tuesday's rally and cheaper oil prices hurt energy shares.
The Dow Jones industrial average .DJI shed 138.81 points, or 1.12 percent, to 12,253.85. The Standard & Poor's 500 Index .SPX was down 13.30 points, or 1.00 percent, at 1,317.44. The Nasdaq Composite Index .IXIC was down 21.74 points, or 0.96 percent, at 2,246.52.
The Chicago Board Options Exchange Volatility Index .VIX, or VIX, which is Wall Street's favorite fear gauge, was up more than 7 percent.
On Tuesday, the S&P 500 made its biggest one-day jump in more than five years after the Federal Reserve cut short-term U.S. interest rates by 75 basis points. The Fed's decision, which was expected, brought the benchmark fed funds rate for overnight bank loans down to 2.25 percent from 3.0 percent. (Reporting by Justin Grant; Editing by James Dalgleish)
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