Stock Gains Fade as Fed Warns of Market Strains

By: Associated Press
By: Associated Press

New York, NY (AP) - Stock indexes are closing lower after the Federal Reserve held off on any new steps to boost the economy. The Fed cautioned that strains in global financial markets still pose a danger, a nod to Europe's debt crisis.

The Dow Jones industrial average fell 66 points, or 0.6 percent, to close at 11,955. It had risen as high as 126 points earlier Tuesday after two strong auctions of European debt. The Dow dropped more than 70 points in the last hour of trading.

The S&P 500 index fell 10 points, or 0.9 percent, to 1,226. The Nasdaq fell 33 points, or 1.3 percent, to 2,579.

More than five stocks fell for every two that rose on the New York Stock Exchange. Trading volume was below average at 4 billion.


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