U.S. markets edge lower Wednesday

U.S. markets edge lower Wednesday

May 20, 2009 (United Press International) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.

The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'

After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.

On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.

The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.

In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.

In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.