Major U.S. stock indexes slipped for a second day Wednesday as investors digested the latest Federal Reserve meeting minutes for insights into tapering plans.
The Dow Jones Industrial Average fell 382.59 points points, or about 1.1%, to 34,960.69. The S&P 500 dipped nearly 1.1% to 4,400.27. The two averages both snapped five-day winning streaks in the prior session. The Nasdaq Composite edged roughly 0.9% lower to 14,525.91.
The Fed published its meeting minutes from its July gathering, revealing discussions about possibly dialing back its monthly bond-buying program this year.
Looking ahead, most participants noted that, provided that the economy were to evolve broadly as they anticipated, they judged that it could be appropriate to start reducing the pace of asset purchases this year, the minutes said.
The minutes noted the economy had reached its goal on inflation and was close to being satisfied with the progress of job growth. The minutes also reflected some division within the Fed with some members preferring to wait until early 2022 to start tapering bond purchases.
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