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Late Rally Fades, Sending U.S. Stocks Lower
By: MT Newswires
A post-FOMC minutes rally fizzled shortly before the closing bell, dragging stocks to their sixth down day in a row. The markets briefly turned positive in a reversal from the initial decline that followed release of minutes from the July Federal Open Markets Committee meeting showing members were "broadly comfortable" with plans to reduce the central bank's bond-buying program later this year if conditions warrant. Earlier, technology stocks were trading slightly higher along with shares of home-builder companies after new data showed a larger-than-expected rise in existing home sales.