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Stock Market

Stocks ease below records a day after Fed rally

  • Wall-Street-486

    Trader Michael Zicchinolfi works on the floor of the New York Stock Exchange, Thursday, Dec. 19, 2013. Stocks edged lower in early trading Thursday, pulling back from record levels. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

  • Wall-Street-487

    Trader Gregory Rowe, center, works on the floor of the New York Stock Exchange, Thursday, Dec. 19, 2013. Stocks edged lower in early trading Thursday, pulling back from record levels. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

NEW YORK — Stocks are slipping on Wall Street a day after hitting their latest record high.

Long-term interest rates and the dollar are rising after the Federal Reserve said it would reduce its bond purchases.

The Dow Jones industrial average was down 5 points, or 0.02 percent, to 16,164 as of noon today.

The Standard & Poor’s 500 fell three points, or 0.2 percent, to 1,808. Utilities stocks, which investors buy for their rich dividends, fell the most.

The Nasdaq composite fell 13 points, or 0.3 percent, to 4,057.

Bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.93 percent.

Facebook fell 2 percent after the company said it will sell 70 million shares, including more than 41 million held by founder and CEO Mark Zuckerberg.

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