Wednesday’s session closed in red territory. Brands traded lower in the wake of Federal Reserve comments and various other economic news. A statement from the latest Federal Open Market Committee meeting showed the existing policy guideline still in place. “The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes.” Meanwhile, private-sector job numbers increased in April. The ADP report revealed an addition of 119,000 jobs last month, compared to a downwardly revised 131,000 in March. The results were shy of the consensus estimate of 150,000. On another note, the ISM Manufacturing Index slipped to 50.7 in April from 51.3 in March. Economists were expecting a reading of 50.9.
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