Major Indices Decline; Dow Slides 6th Straight Day
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Hemera/Thinkstock(NEW YORK) — U.S. stocks moved lower on Wednesday as traders digested the minutes of the latest Federal Reserve meeting. Disappointing earnings reports from more retailers didn’t help the markets either.
The Dow Jones Industrial Average closed down 105.44 points at 14,897 for its sixth straight day of losses. The Nasdaq Composite gave up 13.8 points, closing at 3,599.79. The S&P 500 finished at 1,642.80, with a loss of 9.55 points.
The latest earnings reports from Staples and American Eagle Outfitters fell short of expectations, while home improvement chain Lowe’s was better than expected.
The minutes of the Federal Reserve’s July monetary policy meeting reveal agreement that the Fed will have to slow its bond buying program, but members are split on when that will happen.
The Fed also is appealing a court ruling that rejects its cap on how much banks can charge businesses for processing debit card transactions. The judge says the Fed’s cap of 24 cents per swipe set in 2011 is too high.
Sales of existing homes jumped by 6.5 percent in July to the highest level since late 2009. The National Association of Realtors says buyers want to purchase now as mortgage interest rates continue to rise.
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