Stocks ease below records a day after Fed rally

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Associated Press

Posted on December 19, 2013 at 10:01 AM

Updated Thursday, Dec 19 at 10:04 AM

NEW YORK (AP) — Stocks are slipping and long-term interest rates are rising a day after the Federal Reserve said it would reduce its bond purchases.

The Dow Jones industrial average was down 26 points, or 0.2 percent, to 16,138 in the first few minutes of trading Thursday.

The Standard & Poor's 500 fell five points, or 0.3 percent, to 1,806. Utilities stocks fell the most.

The Nasdaq composite was off 10 points, or 0.3 percent, to 4,059.

Bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.94 percent.

The dollar rose against other currencies and gold prices fell.

Target fell 2 percent after disclosing that millions of credit and debit card accounts may have been affected by a data breach.

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