NEW YORK (AP) — U.S. stocks slipped from their record heights Tuesday as investors wait to hear whether the Federal Reserve will give any clue about when it may let up on its massive support for markets.
The S&P 500 dipped 8.56, or 0.2 percent, to 4,246.59, as the Federal Reserve began a two-day meeting on interest-rate policy. A day earlier, the index returned to an all-time high amid optimism that ultralow interest rates pegged by the Fed, COVID-19 vaccinations and financial support from the government are revving up the economy.
The Dow Jones Industrial Average lost 94.42 points, or 0.3 percent, to 34,299.33. The Nasdaq composite fell 101.29, or 0.7 percent, to 14,072.86 from its own record.
The S&P 500 was down as much as 0.4 percent earlier in the day, after a report showed inflation on the wholesale level leaped last month by even more than economists expected. Prices for producers were 6.6 percent higher in May than a year earlier, the highest figure on record going back to 2010 and the latest evidence inflation is bursting higher across the economy.