Stocks Ended Slightly Lower after FOMC Minutes

U.S. stocks ended slightly lower on Wednesday, after the Federal Reserve released its minutes from its July meeting showed that the central bank lowered its estimate for economic growth over the second half of the year. The Dow Jones Industrial Average fell 85.19 points, or 0.31%, to 27,692.88. The S&P 500 was off 14.93 points, or 0.44%, to 3,374.85. the Nasdaq Composite lost 64.38 points, or 0.57%, to 11,146.46.

The U.S. crude benchmark shook off early losses to end little changed on Wednesday, finding support after government data showing a fall in gasoline inventories soothed jitters over demand. West Texas Intermediate crude for September delivery rose 4 cents, or 0.1%, to close at $42.93 a barrel. October Brent crude fell 9 cents, or 0.2%, to $45.37 a barrel.

The Federal Open Market Committee’s minutes from its July meeting reflected US central bankers’ view that consumer spending trends were improving off early-spring lows, but that overall economic activity remained pressured by the ongoing coronavirus pandemic.