Off the wire
• Feature: Kyrgyz soldiers well trained for V-J Day parade in Beijing  • Roundup: Lithuania to increase tax on amber extraction  • Guangdong has world's largest film screen  • At least 69 endangered tigers, leopards found in NE China  • Chinese gov't spends more on public culture  • China allocates 860 mln yuan to fight floods, droughts  • Tianjin to buy back blasted apartments after assessment  • Slovenian music band becomes first Western one to give concert in DPRK  • Scientists: Gene resists drought and disease, increases crop yields  • AU voices concern over situation in northern Mali  
You are here: 　 Home

U.S. stocks drop ahead of Fed minutes

Xinhua, August 19, 2015 Adjust font size:

U.S. stocks traded sharply lower in the morning session on Wednesday, as investors kept cautious ahead of the highly-watched minutes from Federal Reserve's July meeting scheduled for release in the afternoon.

At midday, the Dow Jones Industrial Average dipped 216.86 points, or 1.24 percent, to 17,294.48. The S&P 500 lost 24.34 points, or 1.16 percent, to 2,072.58. The Nasdaq Composite Index was down 59.25 points, or 1.17 percent, to 5,000.10.

As there is no Federal Reserve's policy meeting in August, Wall Street is keeping a close eye on the Fed minutes, which are expected to give more clues on the timing of an interest rate hike.

According to the Fed statement of July' s policy meeting, the country's economy and job market continued to improve since June, a sign that the central bank remains on track to raise interest rate later this year. But it didn't provide a clear signal for the rate hike timetable.

On the economic front, the Consumer Price Index (CPI) for All Urban Consumers increased 0.1 percent in July on a seasonally adjusted basis, below market consensus of 0.2 percent, the U.S. Labor Department reported Wednesday. Over the last 12 months, the all items index rose 0.2 percent before seasonal adjustment.

The index for all items less food and energy also rose 0.1 percent in July, which increased 1.8 percent for the 12 months ending July.

On Tuesday, U.S. stocks ended lower after wavering in a tight range, as investors pondered over a sharp sell-off in Chinese stock market amid upbeat U.S. housing data. Endit