Stock Market Slips A Day after record-setting run
NEW YORK (AP) — Stocks are closing mostly lower a day after the Federal Reserve surprised markets with a decision to keep its economic stimulus in place.
The Dow Jones industrial average fell 40 points, or 0.3 percent, to 15,636 Thursday.
The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,722 and the Nasdaq composite rose five points, or 0.2 percent, to 3,789.
The Dow and S&P 500 closed at record highs the day before.
The price of gold surged as traders anticipated that the Fed's decision to keep buying bonds could weaken the dollar or cause inflation.
The yield on the 10-year Treasury note rose to 2.75 percent.
Three stocks fell for every two that rose on the New York Stock Exchange. Volume was heavy at 3.7 billion shares.