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Oct 29, 2014 4:09 PM

Stocks slip after Fed statement; Dollar gains

The Associated Press

NEW YORK (AP) U.S. stocks are closing slightly lower after the Federal Reserve said it was shutting down a bond-buying program because the economy no longer needs as much help.

Gold and bond prices fell and the dollar jumped against other major currencies Wednesday as investors anticipated higher interest rates.

The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,982.

The Dow Jones industrial average fell 31 points, or 0.2 percent, to 16,974. The Nasdaq composite fell 15 points, or 0.3 percent, to 4,549.

Facebook slumped 6 percent after its chief financial officer said the social networking giant's expenses could rise sharply next year as it ramps up spending.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.32 percent.


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