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Stocks Open Strong but Quickly Shed Gains

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Stocks opened slightly higher, then quickly lost strength, as the market awaits the results of today's convening of the

Federal Open Market Committee



Dow Jones Industrial Average

was down 8 to 8101. The

S&P 500

was up 1 1/2 to 1050, while the

Nasdaq Composite Index

was down 1 to 1738 and the

Russell 2000

was down half a point to 367 1/2.

The 30-year Treasury bond was recently up 2/32 to 105 18/32, yielding 5.13%.

The vast majority of the market expects the FOMC to ease the federal funds target rate, which currently stands at 5.5%. The only question, market participants have said, is how much the Fed will ease. Traders have said a 25-basis-point easing has already been priced into the market. Results of the meeting will likely be released around 2:15 p.m. EDT.

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