Stocks edge lower as Fed raises outlook on US
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Source: Stock Market News
Originally published: Jun 19, 2013 - 11:20 am
Originally published: Jun 19, 2013 - 11:20 am
Trader Dudley Devine, foreground, uses his mobile phone and handheld device, as he works on the floor of the New York Stock Exchange Wednesday, June 19, 2013. Stocks edged lower in early trading on Wall Street Wednesday as investors waited for word from the Federal Reserve. (AP Photo/Richard Drew)
NEW YORK (AP) - Stocks are falling after the Federal Reserve gave a slightly more optimistic outlook for the U.S. economy, which investors took as a hint that the bank was nearer to a decision to reduce its economic stimulus program.
The Dow Jones industrial average fell as much as 87 points shortly after the Fed's statement came out at 2 p.m. Eastern Daylight Time. It was down 33 points, or 0.2 percent, at 15,284 as of 2:15 p.m.
The Standard & Poor's 500 index was down three points, 0.2 percent, to 1,649.
The yield on the 10-year Treasury note rose to 2.26 percent from 2.21 percent earlier. That was a sign investors were selling the bonds.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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