Stocks Slipped ahead of Fed Decision

U.S. stocks slipped in the early trading on Wednesday, as investors digested an estimates-topping third-quarter gross domestic product report and awaited the latest monetary policy decision from the Federal Reserve. The Dow Jones Industrial Average lately fell 19.20 points, or 0.07%, to 27,052.22. The S&P 500 was down 2.66 points, or 0.09%, to 3,034.23. The Nasdaq Composite declined 12.01 points, or 0.15%, to 8,264.84.

Oil futures edged lower Wednesday as traders awaited the government’s take on U.S. crude inventories. West Texas Intermediate crude for December delivery was down 18 cents, or 0.3%, at $55.36 a barrel. January Brent crude edged 4 cents lower to $61.19 a barrel, off 0.1%.

Gross domestic product, the official scorecard for the economy, grew at an 1.9% annual pace in the third quarter, the government said Wednesday.That’s down just a tick from 2% growth in the spring.

U.S. businesses added a mere 125,000 jobs in October, a slowdown in hiring driven in part by job cuts in manufacturing and construction. Payroll processor ADP said Wednesday that hiring in September was also revised down sharply to 93,000 jobs from the initial report of 135,000 jobs.

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