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U.S. stocks decline ahead of Beige Book

Xinhua, September 8, 2016 Adjust font size:

U.S. stocks traded lower around midday Wednesday, as Wall Street awaited the Federal Reserve's Beige Book for more clues on the timing of a next rate hike.

By noon, the Dow Jones Industrial Average fell 39.14 points, or 0.21 percent, to 18,498.98. The S&P 500 lost 3.78 points, or 0.17 percent, to 2,182.70. The Nasdaq Composite Index decreased 2.31 points, or 0.04 percent, to 5,273.60.

Investors kept a close eye on the Beige Book, which is scheduled for release in the afternoon. The Fed has been front and center as of late, with investors pondering over when the central bank will decide to raise interest rates.

The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on Sept. 20-21.

On the economic front, the number of job openings increased to 5.9 million on the last business day of July, the U.S. Labor Department reported Wednesday.

In corporate news, Apple is expected to unveil its iPhone 7 at an event in San Francisco at 0500 GMT. The tech giant's shares traded slightly lower around midday Wednesday.

On Tuesday, U.S. stocks extended gains, with the Nasdaq setting new closing record, as Wall Street digested the newly released economic data. Enditem