The S&P’s 500 Index, which surged the most in five years yesterday after the Federal Reserve cut its benchmark interest rate by 75 basis points, lost 17.78 points, or 1.3 percent, to 1,312.96 at 3:22 p.m. in New York. The Dow Jones Industrial Average dropped 174.3, or 1.4 percent, to 12,218.36. The Nasdaq Composite Index decreased 28.25, or 1.3 percent, to 2,240.01. Two stocks declined for every one that rose on the New York Stock Exchange.