US stocks slide after Fed minutes

US stocks slide after Fed minutes

New York, Oct 14 (IANS) US stocks traded lower as Wall Street continued to digest the Federal Reserve’s minutes from its September meeting.

The Dow Jones Industrial Average on Thursday dipped 120.18 points, or 0.66 per cent, to 18,024.02, Xinhua news agency reported.

The S&P 500 lost 14.06 points, or 0.66 per cent, to 2,125.12. The Nasdaq Composite Index was down 37.60 points, or 0.72 per cent, to 5,201.42.

According to the minutes released on Wednesday afternoon, policy makers generally agreed that the case for an increase in the policy rate had strengthened.

“The Committee agreed that, in determining the timing and size of future adjustments to the target range for the federal funds rate, it would assess realized and expected economic conditions relative to its objectives of maximum employment and 2 per cent inflation,” the minutes said.

The market is largely anticipating the Fed to raise interest rates later this year. Traders have expected a more-than 65 percent rate hike in December, according to the CME Group’s FedWatch tool.

On Wednesday, US stocks closed mixed after wavering in a tight range as investors meditated on the Fed’s minutes.

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