Fed helps to moderate fall - New York Report

The Dow and S&P 500 ended barely lower yesterday after a drop in energy shares. However, declines were limited by minutes from the latest Federal Reserve meeting, which showed policymakers are concerned about raising interest rates too soon.

The Dow Jones industrial average fell 17.73 points, or 0.1 per cent, to 18,029.85, the S&P 500 lost 0.66 points, or 0.03 per cent, to 2,099.68 and the Nasdaq Composite added 7.10 points, or 0.14 per cent, to 4,906.36.

Exxon Mobil, which fell 2.2 per cent to $91.01, was the biggest drag on both the S&P 500 and Dow following an explosion at one of its refineries near Los Angeles and a drop in crude oil prices.

Also on the earnings front, Garmin fell 10.7 per cent to $50.71 after the satellite navigation device maker gave an outlook below estimates.

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