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U.S. stocks drift lower ahead of Fed Beige Book

Xinhua, July 14, 2016 Adjust font size:

U.S. stocks reversed early gains to trade mildly lower around midday Wednesday, as Wall Street awaited the Federal Reserve's Beige Book scheduled for release in the afternoon.

At noon, the Dow Jones Industrial Average fell 20.51 points, or 0.11 percent, to 18,327.16. The S&P 500 lost 3.54 points, or 0.16 percent, to 2,148.60. The Nasdaq Composite Index was down 11.28 points, or 0.22 percent, to 5,011.54.

Investors kept a close eye on the Fed's Beige Book for more clues on the timing of the next rate hike in a post-Brexit environment.

After a robust June nonfarm payrolls report, analysts believed that the concerns of an economic slowdown in the United States have been mollified, as May's payrolls rose only by 38,000 and notched the fewest monthly job gains in almost six years.

On the economic front, U.S. import prices increased 0.2 percent in June after rising 1.4 percent in May, while prices for U.S. exports rose 0.8 percent in June following an advance of 1.2 percent in May, the Labor Department announced Wednesday.

Meanwhile, oil prices were also in focus, which plunged around midday Wednesday following previous day's solid gains, as official data showed a smaller-than-expected U.S. crude inventory draw for last week.

On Tuesday, U.S. stocks rallied for a third straight day, with the Dow and the S&P 500 ending at their new records, as investors cheered over a strong rebound in oil prices. Enditem