S&P 500 and Nasdaq snap 5-day win streak as Fed indicates policy must stay restrictive
(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks slid on Tuesday as traders assessed the latest Federal Reserve meeting minutes, where officials gave no indication of interest rate cuts.
The Dow Jones Industrial Average slipped 62.75 points, or 0.18%, to end at 35,088.29. The S&P 500 dipped 0.20%, closing at 4,538.19, while the Nasdaq Composite fell 0.59% to 14,199.98. Both the broad-market benchmark and the tech-heavy Nasdaq snapped a string of five consecutive winning days.
The Fed indicated that policy will need to remain “restrictive” amid concerns that inflation could be stubborn or tick higher. Policymakers left the benchmark rate at 5.25% to 5.5% at the conclusion of their Oct. 31-Nov. 1 meeting.
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