Stocks Down as Hopes Fade For Federal Reserve
Stocks are closing lower as hopes fade that the Federal Reserve will step in with more help for the U.S. economy.
The Dow Jones industrial average is ending down 115 points at 13,057. The Standard & Poor’s 500 is down 11 to 1,402. The Nasdaq composite index is finishing the day down 20 to 3,053.
Stocks climbed off their lows Wednesday because of speculation that the Fed would take more action. But the message Thursday is ambiguous. The president of the Fed’s St. Louis bank tells CNBC he isn’t sure more action is needed.
Unemployment claims rose for the second straight week. Big Lots fell after reporting a lower quarterly profit.
Declining stocks beat advancers by about 2-to-1. Trading volume was light at just under 3 billion shares.
(Copyright 2012 by The Associated Press. All Rights Reserved.)