Stocks traded lower on Wednesday. Boeing, Hewlett-Packard, American Express and Bank of America led the downswing. Brands dipped following a flash crash, which disrupted trading action. Meanwhile, comments from the latest FOMC meeting failed to impress. Policymakers said, “Economic activity decelerated somewhat over the first half of this year.” In light of this, the FOMC said they “will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.” On another note, manufacturing retreated slightly in July. The Institute for Supply Management’s index hit 49.8, which was shy of expectations for a rebound to 50.2, and the second straight month the index was below 50, marking a contraction. Elsewhere, crude oil futures fell by $1.72 to settle at $88.06 a barrel. Looking ahead, July employment data is set for release on Friday.
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