US stocks drop as investors wait for news from the Fed
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) — U.S. stocks are slightly lower in late morning trading Wednesday ahead of the conclusion of a key Federal Reserve meeting. Investors are waiting to see whether policymakers signal that they are considering raising interest rates for the first time in almost a decade.
Oil continues to slide, weighing on energy stocks.
KEEPING SCORE: The Standard & Poor's 500 index fell five points, or 0.3 percent, to 2,068 as of 10:56 am. Eastern. The Dow Jones industrial average dropped 74 points, or 0.4 percent, to 17,774. The Nasdaq composite fell nine points, or 0.2 percent, to 4,928.
FED WATCH: Fed policy makers wrap up a two-day meeting later Wednesday to discuss rates and the U.S. economy. Many economists expect that the Fed will signal that it is ready to raise rates for the first time since June, 2006. The central bank has been saying that it will be "patient," waiting for the economy to strengthen, before raising rates. Investors will be looking to see if that word has been removed from the Fed's statement.
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Trader Thomas Kay works on the floor of the New York Stock Exchange, Wednesday, March 18, 2015. Stocks are falling for the second day in a row as traders try to guess when U.S. interest rates will rise. (AP Photo/Richard Drew)
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