Stocks ended a wobbly day lower on Wall Street after a late-afternoon drop erased the tentative gains major indexes had been clinging to for much of the day
A wobbly day of trading on Wall Street ended with a modest pullback for stocks Wednesday as investors weighed a report showing that, probably paving the way for more aggressive interest rate hikes by the Federal Reserve.
“The Fed minutes didn’t contain a lot of new information, but they did reiterate their intention to erring on the side of doing too much, rather than too little,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. Utilities, technology companies and healthcare stocks weighed on the market, keeping gains elsewhere in check. Duke Energy fell 4%, Texas Instruments slid 1.2% and Abbott Laboratories closed 1.6% lower.
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