December 13, 2013
Wall Street falls after Fed minutes yield few clues
Global equity markets and bond prices slid while the dollar strengthened after minutes from the latest Federal Reserve policy-setting meeting did not alter expectations the Fed would eventually begin to trim its bond-buying program.
US equities dropped to session lows, rebounded to trade in positive territory, and fell again after the afternoon release of minutes from the Fed's policy-setting meeting in late July.
The Dow Jones industrial average closed down 105.44 points, or 0.70 percent, at 14,897.55. The Standard & Poor's 500 Index fell 9.55 points, or 0.58 percent, at 1,642.80. The Nasdaq Composite Index fell 13.80 points, or 0.38 percent, at 3,599.79.
European shares fell in thin, jittery trade as investors awaited clues on the US monetary policy outlook, though analysts expect technical support levels to cushion a key index from more near-term falls.
UK-listed stocks trading ex-dividend, including heavyweights HSBC and British American Tobacco, took some of the biggest chunks out of the FTSEurofirst 300.The FTSEurofirst 300 was 0.4 percent lower at 1,210.01 points, with the euro zone's blue-chip Euro STOXX 50 also off 0.4 percent, at 2,777.51 points.
Meanwhile, Japan's Nikkei share average bounced back from a seven-week low as concerns that capital outflows from Asia will accelerate as the Federal Reserve starts tapering its monetary stimulus slightly eased.
In a choppy session, the benchmark Nikkei fell to as low as 13,250.36 but finished 0.2 percent higher at 13,424.33. The broader Topix dropped 0.3 percent to 1,121.74 in light trade.