* S&P 500 falls, a day after hitting record highs
* Fed sticks to bond-buying plan
* U.S. and China manufacturing data weighs on oil prices
By Caroline Valetkevitch
NEW YORK, May 1 (Reuters) - The dollar cut losses against the yen while U.S. stocks briefly pared declines after the Federal Reserve said it was sticking with its monetary stimulus plan to push down borrowing costs and prop up the economy.
U.S. Treasury yields rose slightly off their lows after the Fed statement. Earlier, the benchmark 10-year note yield hit the lowest intra-day level so far this year.
Commodities remained sharply lower, with oil falling sharply after manufacturing data from both the United States and China, the world's two biggest energy consumers, raised new doubts about the strength of the global economy.
The U.S. central bank stuck to its plan to buy $85 billion in bonds each month, citing risks to the economy from recent budget tightening in Washington.
"That the Fed won't end QE (quantitative easing) any time soon is positive for stocks in the near term, but the data we've seen is creating a lot of angst for investors," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.
Among recent weak data, payrolls processor ADP reported Wednesday that private employers added 119,000 jobs in April, well below economists' expectations for 150,000 new jobs.
The dollar surged to its best levels during the New York trading day, reaching 97.53 yen, a small gain on the session, from 97.17 yen just prior to the Fed's statement. However it immediately started to drift lower and was last trading at 97.29 yen, off 0.13 percent on the day.
The Dow Jones industrial average was last down 87.07 points, or 0.59 percent, at 14,752.73. The Standard & Poor's 500 Index was down 8.48 points, or 0.53 percent, at 1,589.09. The Nasdaq Composite Index was down 17.14 points, or 0.51 percent, at 3,311.65.
The benchmark 10-year Treasury note was last up 11/32, with the yield at 1.6341 percent. Earlier yields eased to 1.619 percent, the lowest intra-day level so far this year.
Brent crude futures were down $3.50 at $99.87 a barrel. U.S. oil was down $2.37 at $91.09.
U.S. data showed the pace of manufacturing growth slowed in April. Also, growth in China's manufacturing sector unexpectedly slowed in April, with the official purchasing managers' index coming in at a reading of 50.6 after hitting an 11-month high of 50.9 in March as new export orders fell.