US stocks mostly lower a day after Fed rally
NEW YORK (AP) — Stocks are mostly lower on Wall Street a day after hitting their latest record high.
Long-term interest rates and the dollar rose after the Federal Reserve said it would reduce its bond purchases.
The Standard & Poor’s 500 fell a point, or 0.06 percent, to 1,809 Thursday.
The Dow Jones industrial average edged up 11 points, or 0.07 percent, to 16,179. The Nasdaq composite fell 12 points, or 0.3 percent, to 4,058.
Dividend-rich utilities stocks fell the most.
Facebook fell 1 percent after saying it would sell 70 million shares, including more than 41 million held by founder and CEO Mark Zuckerberg.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.93 percent.
Gold fell below $1,200 an ounce, the lowest in three years.