A Fed rally fades away on Wall Street; Dow down 3

Print
Font Size:
Default font size
Larger font size

Posted: Wednesday, December 12, 2012 8:17 pm

NEW YORK (AP) - An afternoon stock market rally has faded away after investors reassessed the Federal Reserve's latest plans to stimulate the economy.

The Dow Jones industrial average closed with a loss of three points at 13,245 Wednesday, while the Standard & Poor's 500 index edged up less than a point to 1,428. The Nasdaq composite fell eight points to end the day at 3,014.

Stocks moved higher in the early afternoon after the Fed announced the latest extension of its bond-purchasing program and low-interest rate policy. The Dow gained as much as 81 points before slumping in the late afternoon.

Traders were also watching budget talks in Washington.

Falling stocks narrowly outnumbered falling ones on the New York Stock Exchange. Volume was in line with the recent average at 3.6 billion shares.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.

Right Now

weather

Today

weather
82°
Details

Tomorrow

weather
87°
Details

Today

weather
83°
Details

Today

weather
84°
Details
Cool Today

SUBMIT PHOTOS & VIDEOS | VIEW ALL PHOTOS & VIDEOS

Send your photos & videos to Pix@MySuncoast.com and you could be featured on ABC 7 & our website.