The S&P 500 slipped 0.2%, its sixth consecutive loss. The benchmark index had been up 1.7% in the early going before a midafternoon pullback. The Dow fell 0.4%, while the Nasdaq composite wound up with a 0.2% gain.
The S&P 500 fell 7.75 points to 3,647.29. The Dow dropped 125.82 points to 29,134.99. The Nasdaq rose 26.58 points to 10,829.50. The Fed also released a forecast suggesting its benchmark rate could be 4.4% by the year’s end, a full percentage point higher than it envisioned in June. Bond yields were mostly higher Tuesday. The yield on the 2-year Treasury, which tends to follow expectations for Federal Reserve action, fell to 4.31% from 4.34% late Monday. It is trading at its highest level since 2007. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.98% from 3.93%.
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