[sharetrading] Stocks slip after Fed news

 

NEW YORK (CNNMoney.com) -- Stocks dipped Wednesday after the Federal Reserve held interest rates steady, as expected, and said it would continue to do so for the foreseeable future.   The Dow Jones industrial average (INDU) lost 16 points, or 0.2%, roughly 5 minutes after the 2:15 p.m. ET announcement. The S&P 500 (SPX) slipped 5 points, or 0.5%, and the Nasdaq (COMP) composite dropped 10 points, or 0.4%.   The central bank opted to hold the fed funds rate, a key overnight banking rate, steady at historic lows near zero. In its closely-watched statement, the bankers said the economic recovery is proceeding and the labor market is "improving gradually."   But the bankers also cautioned about the weakness in the housing market and the "less supportive" financial conditions as a result of the "development abroad," meaning the European debt crisis.   Stocks slipped in the morning after the May new home sales report showed a steep drop in activity to the worst level on record. But stocks managed to cut losses in the hour leading up to the Fed announcement.   Here's a look at what was moving before the announcement

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