US Stocks Close Slightly Lower as Investors Await Fed Meeting

Posted on: September 19th, 2016 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — Wall Street closed slightly lower ahead of the Fed’s two-day policy meeting this week.

The Dow gave up 3.63 (-0.02 percent) to finish at 18,120.17.

The Nasdaq lost 9.54 (-0.18 percent) to close at 5,235.03, while the S&P 500 finished at 2,139.12, down 0.04 (-0.00 percent) from its open.

Crude oil climbed less than 1 percent with prices hitting under $44 a barrel.

Federal Reserve: The Federal Open Market Committee will meet Tuesday for two days to discuss the possibility of an interest rate hike this month. Experts believe the U.S. central bank will hold off for September, but a rate raise could come sometime before the end of the year, with many speculating a hike in December.

Wells Fargo: The Wells Fargo chief is expected to appear at a Senate Banking Committee hearing Tuesday after the bank was fined $100 million by the Consumer Financial Protection Bureau for creating millions of fake accounts to boost sales without customers’ permission. Wells Fargo told ABC News the bank believes it has identified and refunded all affected customers, though it encourages customers who think they may have been affected to come forward.

Winners and Losers: Sarepta Therapeutics Inc soared nearly 74 percent after the Food and Drug Administration approved Eteplirsen, its treatment for patients with Duchenne muscular dystrophy, the first drug to treat the disorder.

Shares for WebMD Health Corp. dropped 6 percent after news the health website’s CEO was leaving the company.

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