Stocks Ended Slightly Lower after Fed Minutes

U.S. stocks ended slightly lower on Wednesday after minutes from the Federal Reserve’s September meeting highlighted the central bank’s willingness to raise rates until the economy slowed. The Dow Jones Industrial Average fell 91.74 points, or 0.36%, to 25,706.68. The S&P 500 was off 0.71 point, or 0.03%, to 2,809.21. The Nasdaq Composite was down 2.79 points, or 0.04%, to 7,642.70.

Oil futures dropped Wednesday, with the U.S. benchmark ending below $70 a barrel for the first time in more than three weeks, as U.S. government data revealed a sizable climb in domestic crude supplies for a fourth week in a row. November West Texas Intermediate crude fell $2.17, or 3%, to settle at $69.75 a barrel. December Brent crude declined $1.36, or 1.7%, to $80.05 a barrel.

A majority of top Federal Reserve officials believe that interest rates will have to continue to increase until the economy slows down from the rising cost of borrowing, according to minutes of the central bank’s September meeting released on Wednesday.

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