Stocks Fret Fed

The minutes indicated that members of the FOMC judged that "readings on core inflation had improved modestly since the spring, nearly all participants viewed core inflation as uncomfortably high and stressed the importance of further moderation."

While most members agreed that the Fed's statement should continue to convey that inflation risks were still the greatest concern, "one member did not favor language that referenced only the possibility of additional policy firming and believed that, although the risks to inflation remained the predominant concern, the statement should emphasize that policy could be adjusted in either direction depending on the evolution of the outlook for inflation and economic growth."

Phillip Roth, chief technical market analyst with Miller Tabak, said that the Fed's message within the December meeting's minutes was cryptically negative, leaving stocks exposed in an overbought condition.

"It's pretty clear that people are disappointed that the Fed is talking about being vigilant," Roth said. "The market is much more extended and people are committed, so we're much more overbought and vulnerable."

U.S. stocks hadn't traded since Friday after being closed Monday for the New Year's holiday and Tuesday for the funeral of former President Gerald Ford. The Dow ended its last session at 12,463.15, down 38.37 points, or 0.31%. The S&P slipped 6.43 points to 1418.30, and the Nasdaq gave up 10.28 points to 2415.29.