U.S. stocks vary on Wednesday, after sales of new homes fell to a record low and the Federal Reserve signaled caution over U.S. economy recovery while maintaining very low interest rates.
Dow Jones Industrial Average rose 4.92 points (0.05 percent) to 10,298.44 while the Nasdaq technology index turum 7.57 points (0.33 percent) to 2254.23. S & P 500 index, a broader measure of the market, retreated 3.27 points (0.30 percent) to 1092.04.
Reduced market sentiment after the government said new home sales fell 32.7 percent from the previous month to 300,000 in May, increasing the prospect of slowing economic recovery.
Additionally, the statement by the Federal Reserve’s policy makers after the meeting of two days’ weighed against the gloomy outlook, especially on the economy, “said analyst Elizabeth Harrow of Schaeffer’s Investment Research.
But analysts at Charles Schwab & Co. said that “while the Fed lowered the economic assessment by taking into account financial market conditions are less supportive, maintaining low interest rates amid global uncertainty was taken positively by some traders.