Wednesday, 18 May 2016

US stocks lower ahead of Fed minutes

 

Stock Fall 
 
Stocks on Wall Street opened lower, with investors expected to remain cautious ahead of the release of minutes from the Federal Reserve's April meeting.

Analysts will be scrutinising the minutes for clues as to when the Fed might increase interest rates.

The Fed meets next month, although most economists do not think it will act until much later in the year.

The Dow Jones fell 79.37 points, or 0.5%, to 17,450.61.

The Nasdaq index dropped 4.28 points to 4,711.45 while the S&P 500 was down 6.69 points at 2,040.52.

Shares in Target, the sixth-largest retailer in the US, sank 8.8% after its sales figures fell short of expectations.

For the three months to 30 April, sales at stores open at least a year climbed 1.2%, but this was below analysts' forecasts of a 1.6% rise.

The news hit shares in other retailers as well, with Walmart dropping 3.4%.

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