Stocks mostly lower a day after Fed rally

AP News
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Posted: Dec 19, 2013 4:09 PM
Stocks mostly lower a day after Fed rally

NEW YORK (AP) — Stocks are mostly lower on Wall Street a day after hitting their latest record high.

Long-term interest rates and the dollar rose after the Federal Reserve said it would reduce its bond purchases.

The Standard & Poor's 500 fell a point, or 0.06 percent, to 1,809 Thursday.

The Dow Jones industrial average edged up 11 points, or 0.07 percent, to 16,179. The Nasdaq composite fell 12 points, or 0.3 percent, to 4,058.

Dividend-rich utilities stocks fell the most.

Facebook fell 1 percent after saying it would sell 70 million shares, including more than 41 million held by founder and CEO Mark Zuckerberg.

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Bond prices fell. The yield on the 10-year Treasury note rose to 2.93 percent.

Gold fell below $1,200 an ounce, the lowest in three years.