Wall Street falls after Fed leaves interest rates unchanged
Major US stock indices were off Tuesday after the Federal Reserve left its benchmark interest rate unchanged, dpa reported.
The Fed said that data since its November meeting "suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth." It noted that business investment had slowed.
Unemployment dipped last month to 8.6 per cent. "While indicators point to some improvement in overall labour market conditions, the unemployment rate remains elevated," the Fed said.
The blue-chip Dow Jones Industrial Average lost 66.45 points, or 0.55 per cent, to 11,954.94. The broader Standard & Poor's 500 Index dropped 10.74 points, or 0.87 per cent, to 1,225.73. The technology-heavy Nasdaq Composite Index slid 32.99 points, or 1.26 per cent, to 2,579.27.
The US dollar jumped against the euro to 76.73 euro cents from 75.89 euro cents on Monday. The dollar edged up against the Japanese currency to 77.99 yen from 77.96 yen.