Sunday, May 24, 2015Sunday, May 24, 2015

Wall St falls after Fed minutes; technicals weigh

Published on Feb 20, 2014 6:43 AM
Traders work on the floor of the New York Stock Exchange on Feb 10, 2014 in New York City. -- FILE PHOTO: AFP

NEW YORK (REUTERS) - United States (US) stocks slid on Wednesday in a late selloff after minutes of the US Federal Reserve's latest policy-setting meeting indicated that the central bank will keep trimming its bond-buying stimulus unless there is a significant economic surprise.

The market also faced technical resistance as the S&P 500 earlier traded within a point of its record closing high set last month.

Minutes from the January meeting of the Federal Reserve's policy-setting committee showed that several policymakers wanted to hone in on the idea that their asset-purchase programme would be trimmed in predictable, US$10-billion (S$12.6 billion) steps unless there is a big economic surprise this year.

The statement doesn't deviate much from previous Fed communications, but market participants have been expecting the Fed to point to recent weakness in the economic data and reinforce their commitment to stimulating the economy.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!