Rally Pauses as Wall Street Braces For FOMC Statement
The Dow Jones Industrial Average was down for the first time in eight days as Wall Street braces for any unexpected surprises in the Federal Open Market Committee statement Wednesday afternoon.
Economic data also weighed on the benchmark averages with retail sales and manufacturing data pointing to waning consumer spending, and slower U.S. production. Inflationary pressures, however, were stronger-than-expected causing the yield on the 10-year Treasury note to rise slightly ahead of the open.
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