Wall Street slips in wake of Fed rally
NEW YORK (REUTERS) - United States (US) stocks retreated slightly on Thursday as investors paused after the Federal Reserve's decision to keep its stimulus intact sparked a rally that lifted the Dow and S&P 500 to record highs.
Major US stock indexes oscillated between modest gains and losses on the heels of Wednesday's rally, with the S&P showing a swing of less than 10 points between the high and low of the session.
Many market participants had expected the Fed to announce it would begin to trim its stimulus, but the central bank instead said it would continue buying US$85 billion (S$106 billion) in bonds every month.
The programme has been instrumental in lifting the benchmark S&P index 20 per cent this year while keeping Treasuries yields under pressure.