New York Report: US markets dip amid Fed meet

US STOCKS closed slightly lower yesterday, with investors reluctant to make big bets before the results of a Federal Reserve meeting that could give some clarity as to when its policy-setting committee will begin trimming its stimulus.

The Dow Jones industrial average slipped 9.31 points, or 0.06 per cent, to close at 15,875.26.

The Standard & Poor’s 500 Index declined 5.54 points, or 0.31 per cent, to finish at 1,781.00. The Nasdaq Composite Index fell 5.84 points, or 0.14 percent, to end at 4,023.68.

Shares of specialty finance company KKR Financial Holdings surged 30.6 per cent to $12.34 a day after KKR & Co said it would acquire the company for $2.6bn. KKR slid 1.2 per cent to $24.79. Facebook rose two per cent to $54.86 after the Wall Street Journal reported that the social network would begin selling video ads later this week.