May 22, 2013
Wall Street slips after Fed, as European shares rise
US stocks slipped on Wednesday on disappointment that the Federal Reserve offered no new measures to stimulate the economy and after a computer glitch at a brokerage triggered a spike in volatility shortly after the open.
Markets rallied late last week in part on hopes for action from the Fed but mostly as expectations grew the ECB would take action to protect the euro at its Thursday meeting.
The Dow Jones industrial average fell 32.55 points, or 0.25 percent, at 12,976.13. The S&P 500 Index slipped 4.00 points, or 0.29 percent, at 1,375.32. The Nasdaq Composite lost 19.31 points, or 0.66 percent, at 2,920.21.
European shares rose in light trade as investors waited to see if policymakers will back up pledges to support the euro zone with concrete measures.
Markets have rallied strongly in recent days after comments by officials, including European Central Bank chief Mario Draghi, raised expectations the bank will announce steps on Thursday to ease market pressure on euro zone strugglers Spain and Italy.
The FTSEurofirst 300 closed up 0.5 percent at 1,068.20, having traded in a narrow range and in volumes at 69 percent of the 90-day daily average, with investors holding back as the ECB meeting approaches.