U.S. Stocks Lower At Mid-Day After FOMC Offers No Surprises

U.S. stocks were weaker around mid-session with little incentive to take the market higher after the Federal Open Market Committee (FOMC) on Wednesday did just what investors expected – left rates steady and said it would start to unwind its $4.5 trillion asset portfolio in October. Gold prices fell as the U.S. dollar rose after the FOMC meeting.

In economic data, weekly jobless claims fell to 259,000 compared with expectations for 303,000, and the Philadelphia Federal Reserve’s manufacturing index rose more than forecast to a three-month high of 23.8 in September from 18.9 in August and estimates for 18. August leading indicators rose 0.4%, better than forecasts for a 0.2% gain and 0.3% in the previous month.

Overnight, the Bank of Japan left rates unchanged as expected and repeated it is committed to loose monetary policy until inflation rises to 2%.

In company news, Calgon Carbon ( CCC ) soared after the company said it agreed to be acquired by Kuraray for $1.1 billion.


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