The US stocks dropped slightly during a volatile trade on Wednesday after the Federal Reserve Bank vowed for remaining “patient” in deciding over raising interest rates, saying the American economy is back on track.
The US central bank on Wednesday concluded its first crucial policy meeting of the year. The Fed officials had kept a close watch at the urgent policy moves by the central banks of other countries this month in order to boost their struggling economies and witnessed continued expansion on economic front in the United States.
Bruce McCain, chief investment strategist at Cleveland-based Key Private Bank, said, “Being ‘patient’ means the Fed is in no hurry with respect to inflation or any other factor in the economy that it is watching. This isn’t surprising at all. The Fed was always more patient than other observers.”
At 2:31pm, the S&P 500 fell 7.63 points or 0.38 percent to 2,021.92, the Dow Jones industrial average dropped 17.47 points or 0.1 percent to 17,369.74, and the Nasdaq Composite gained 1.15 points or 0.02 percent to 4,682.65.
The dropping issues outnumbered the advancing ones on the NYSE by 1,822 to 1,199, for a 1.52-to-1 ratio; on the Nasdaq, 1,649 declining issues fell and 1,013 advanced, for a 1.63-to-1 ratio.
The S&P 500 posted 58 new 52-week highs as well as 10 new lows. On the other hand, the Nasdaq Composite recorded 72 new highs as well as 51 new lows.