Dow snaps win streak, Nasdaq drops 1% following Fed minutes


U.S. stocks closed lower on Wednesday as the Dow Jones Industrial Average snapped a five-day wining streak following the release of minutes from the Federal Reserve’s July meeting. The Dow DJIA, -0.50% finished off 171.69 points, or 0.5%, to 33,980.32. The S&P 500 SPX, -0.72% retreated 31.16 points, or 0.7%, to 4,274.04. The Nasdaq Composite COMP, -1.25% shed 164.43 points, or 1.3%, to 12,938.12. The Fed minutes showed that senior Fed officials were worried that elevated inflation could become entrenched if the central bank was perceived as not doing enough. On the other hand, many expressed concerns that the Fed could tighten rates by a greater degree than would be necessary.

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