Dow Falls for Fifth Straight Day
NEW YORK ( TheStreet) -- Stocks extended their losing streak on Wednesday after the minutes of the most recent Federal Reserve policy meeting showed the central bank still has a pretty high bar for another round of quantitative easing.
The Dow Jones Industrial Average lost nearly 49 points, or 0.38%, to close at 12,604. The blue-chip index, which bounced 70 points off its session low of 12,534, has fallen for five consecutive days, surrendering 2.6% over that span.
The Fed minutes showed the members of the central bank's open market committee were still expecting "moderate" economic growth for the United States over the next few quarters at the June 19-20 meeting and said only a "few" believed additional stimulus would ultimately be required. The Fed extended its Operation Twist bond maturity program at the meeting.In order for QE3 to get additional support, the minutes indicated economic conditions would likely have to soften considerably. "Several others
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