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Asia stocks lower after Wall St record ahead of Fed meeting

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Asian stock markets fell Tuesday after Wall Street rose to a new record as investors looked ahead to this week's Federal Reserve meeting for assurance U.S. interest rates will be kept ultra-low.

Overnight, Wall Street's benchmark S&P 500 index rose 0.2% as gains for tech, bank and consumer stocks outweighed declines for health care.

Investor confidence has increased as governments roll out coronavirus vaccines they hope will allow business activity to return to normal. That has been tempered by unease about possible higher inflation and interest rates. The Kospi in Seoul declined 0.4% to 3,204.27 after the government reported economic output rebounded to above pre-pandemic levels after growth accelerated to 1.6% over the previous quarter in the three months ending in March.

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