Stocks head lower on Fed stimulus worries
BY MATTHEW CRAFT | AP Business Writer June 4, 2013 8:14AM
Stocks opened higher on Wall Street after encouraging news about home prices and trade Tuesday, June 4, 2013. | AP file photo
Updated: June 4, 2013 3:11PM
NEW YORK — Stocks are ending lower on Wall Street as traders consider when and how much the Federal Reserve will slow down its economic stimulus.
The Dow Jones industrial average ended down 76 points at 15,177, a decrease of 0.5 percent.
The Dow recovered much of an early loss of 153. Traders worried that the Fed might slow down its bond purchases earlier than expected.
The Standard & Poor’s 500 fell nine points to 1,631, or 0.6 percent. The Nasdaq fell 20 points to 3,445, a loss of 0.6 percent.
General Motors rose 1.6 percent on news that the company will be added to the S&P 500 index Thursday, replacing Heinz.
Three stocks fell for every two that rose on the New York Stock Exchange. Volume was average at 3.6 billion shares.