Brands took a breather on Wednesday. Stocks traded lower on concern the Federal Reserve’s decision to scale back its stimulus program will happen sooner than expected. News that the Organization for Economic Cooperation and Development reduced its outlook for global growth may have impacted trading as well. In a biannual economic publication, the OECD lowered its overall outlook to 3.1% for this year and 4% next year from the November estimate of 3.4% in 2012 and 4.2% in 2013. On another note, crude oil futures shed $1.88 today to settle at $93.13 a barrel. Looking ahead, revised, first-quarter GDP numbers are set for release on Thursday.
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