January 30, 2013-Stocks Close Lower on Weak GDP Data

After showing a lack of direction throughout much of the trading day on Wednesday, stocks moved modestly lower in the latter part of the session following the Federal Reserve's latest monetary policy announcement. The major averages climbed off their lows going into the close but still ended the day in the red. The Dow fell 44.00 points or 0.3 percent to 13,910.42, the Nasdaq dipped 11.35 points or 0.4 percent to 3,142.31 and the S&P 500 slid 5.88 points or 0.4 percent to 1,501.96. The modest weakness that emerged on Wall Street came after the Federal Reserve said growth in economic activity has paused in recent months due largely to weather-related disruptions and other transitory factors. The Fed subsequently announced its widely expected decision to keep interest rates unchanged and maintain its asset purchase program as part an effort to stimulate the economy. The central bank also said it expects to keep its target for the federal funds rate in an exceptionally low range as long as the unemployment rate remains above 6.5 percent.