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U.S. stocks extend losses as Fed meeting begins

Xinhua, November 2, 2016 Adjust font size:

U.S. stocks kept falling Tuesday, as the U.S. Federal Reserve kicked off its two-day monetary policy meeting.

The Dow Jones Industrial Average dipped 105.32 points, or 0.58 percent, to 18,037.10. The S&P 500 lost 14.43 points, or 0.68 percent, to 2,111.72. The Nasdaq Composite Index shed 35.56 points, or 0.69 percent, to 5,153.58.

Investors were keeping a close eye on the central bank's November meeting, which will release a statement after the conclusion of the meeting Wednesday afternoon, for more clues on the timing of the next rate hike.

Analysts, however, widely hold that the Fed would keep interest rate unchanged in this meeting.

On the economic front, the seasonally adjusted Markit Final U.S. Manufacturing Purchasing Managers' Index came in at 53.4 from the September's 51.5, slightly better than the earlier flash reading of 53.2.

The October purchasing managers' index registered 51.9 percent, according to the Institute for Supply Management (ISM) Monday.

"Manufacturing is likely to pick up in October, but could peter out later in the quarter. Employment, production and imports-all coincident indicators-picked up, suggesting stronger output now," said Chris Low & Sophia Kearney-Lederman, economists at FTN Financial, in a joint note.

In corporate news, Shares of Coach Inc. rallied 2.20 percent to 36.68 U.S. dollars apiece Tuesday after the U.S. luxury retailer posted quarterly earnings that beat market estimates. Enditem