US stocks slip, focus turns to European Central Bank
NEW YORK (AFP) - United States stocks closed lower on Wednesday after the Federal Reserve kept monetary policy unchanged - a widely expected move that nevertheless disappointed those hoping for a sign of new economic stimulus.
All eyes have turned toward Europe, where the European Central Bank holds its policy meeting on Thursday under pressure to take further action to quell the euro zone sovereign debt crisis and spur stuttering economic growth.
After scoring moderate gains, the equity markets headed slightly south following the Federal Open Market Committee's (FOMC) announcement of no fresh action to boost the slowing economy.
The Dow Jones Industrial Average closed 32.55 points, or 0.25 percent, lower at 12,976.13. The blue-chip index was back below the psychological closing level of 13,000 it had topped Friday for the first time since May.