Wednesday, Sep 28, 2016
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Stock Market

Stock market slips a day after setting a record on Fed's move to keep stimulus; Gold surges

NEW YORK — Stocks are easing back from record levels set the day before, when the Federal Reserve surprised markets with a decision to keep its economic stimulus in place.

As of midday, the Standard & Poor’s 500 index fell two points, or 0.1 percent, to 1,723. The Dow Jones industrial average slipped 32 points, or 0.2 percent, to 15,644, and the Nasdaq composite fell a fraction of a point to 3,783.

The price of gold surged as traders anticipated that the Fed’s decision to keep buying bonds could weaken the dollar or cause inflation.

Gold rose $62 an ounce, or 4.8 percent, to $1,370 an ounce and is headed for its biggest one-day jump since the financial crisis.

The yield on the 10-year Treasury note rose to 2.73 percent from 2.69 percent the day before.

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