Major U.S. stock indices closed
lower Wednesday as investors wait for information from the Federal Reserve on
when it will start to tighten monetary policy.
With the Department of Labor’s job
report showing the number of Americans filing new claims for unemployment
benefits fell to a near six-year low last week, investors are looking to the
Fed for clues when they will curtail the bond-buying program. Initial claims for state unemployment
benefits dropped 15,000 to a seasonally adjusted 320,000, the lowest level
since October 2007, the Labor Department said on Thursday.
The Labor Department also reported that the
consumer price index, which is a key marker of inflation, rose 0.2%, which was in
line with expectations.
In a speech Wednesday, St. Louis Fed President James Bullard, who is a
voting member on the Federal Reserve's policy-making committee, said
that he would like to see more economic data before making a decision on when
the Fed will slow the bond purchases.