- Title: USA/FILE: U.S. Stocks slide after release of latest Federal Reserve minutes
- Date: 21st August 2013
- Summary: WASHINGTON, DC, UNITED STATES (FILE) (REUTERS) EXTERIOR OF U.S. FEDERAL RESERVE
- Embargoed: 5th September 2013 13:00
- Location: Usa
- Country: USA
- Topics: Economy,Politics
- Reuters ID: LVA2K2ED1PPDB0D0DF8Y8OGN9XEM
- Story Text: U.S. stocks ended lower in choppy trading on Wednesday (August 21) after minutes from the U.S. Federal Reserve's July policy-setting meeting offered few clues on a time frame for a reduction in its bond-buying program.
Minutes from the meeting showed almost all the policymakers on the central bank's Federal Open Market Committee agreed that a change to the stimulus was not yet appropriate, and only a few thought it would soon be time to "slow somewhat" the pace of the stimulus policy.
The release of the minutes in midafternoon sparked volatility in equity markets, as the major indexes fluctuated between session lows and highs in the final hours of trading.
The volatility was exacerbated by light volume, with about 5.58 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, below the daily average of 6.31 billion.
Yields on the 10-year U.S. Treasuries note rose after the announcement, touching 2.89 percent.
Market participants have been cautious recently, with the S&P 500 dropping for five of the past six sessions amid uncertainty over how soon the Fed will begin to wind down its $85 billion a month stimulus program.
Some Fed officials have said the policy, which has fueled Wall Street's steep gains this year, could be slowed as early as September, assuming economic growth meets its targets.
Economic data showed U.S. home resales rose in July to their highest level in over three years, suggesting that a surge in mortgage rates is having only a limited impact on the housing market recovery.
The Dow Jones industrial average fell 105.52 points, or 0.7 percent, to 14,897.47, the S&P 500 lost 9.53 points, or 0.58 percent, to 1,642.82 and the Nasdaq Composite dropped 13.801 points, or 0.38 percent, to 3,599.79.
The Dow has fallen for six straight sessions, matching the longest losing streak since July 2012.
Retailers were in focus for a second consecutive day, with earnings reports from Lowe's, Target and others.
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