A brighter economic forecast from the Federal Reserve helped the stock market pare steep losses that followed uninspiring reports on consumer sentiment and housing. Stocks slipped from 13-month highs in light trading Tuesday as gains in health care companies helped offset drops in financial and industrial stocks. The market strengthened in afternoon trading as the Federal Reserve released minutes from its latest meeting, during which it pledged to keep rates low for the foreseeable future and said inflation remained at bay. The Fed raised its expectations for economic growth during the second half of this year, but said unemployment will remain high.
The Dow Jones industrial average fell 17.24, or 0.2 percent, to 10,433.71.
The Standard & Poor's 500 index fell 0.59, or 0.1 percent, to 1,105.65.
The Nasdaq composite index fell 6.83, or 0.3 percent, to 2,169.18.
For the week:
The Dow is up 115.55, or 1.1 percent.
The S&P is up 14.27, or 1.3 percent.
The Nasdaq is up 23.14, or 1.1 percent.
For the year:
The Dow is up 1,657.32, or 18.9 percent.
The S&P is up 202.40, or 22.4 percent.
The Nasdaq is up 592.15, or 37.5 percent.