US stocks fall on Fed inaction - New York Report

US STOCKS ended a touch lower yesterday after Wall Street saw little in the minutes from last month’s Federal Reserve meeting to alter expectations of when the central bank will raise interest rates.

Following the minutes’ release, the Dow and S&P 500 pushed into record territory before giving up their gains.

Officials at the Fed’s April policy meeting believed it would be premature to raise interest rates in June and that a bump in inflation was being offset by a weaker labour market and softer data, according to the minutes.

The Dow Jones industrial average fell 26.99 points, or 0.15 per cent, to end at 18,285.4. The S&P 500 lost 1.98 points, or 0.09 per cent, to 2,125.85 and the Nasdaq Composite added 1.71 points, or 0.03 per cent, to end at 5,071.74. The Dow had closed at record highs in the previous two sessions.

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