NEW YORK (AP) — Stocks are erasing their gains after rallying all day on hopes the Federal Reserve would take steps to stimulate the economy.
Many analysts believe the Fed will announce a new stimulus plan at the end of a two-day policy meeting Wednesday. But investors are selling stocks amid fear that European finance ministers may not be able to prevent a Greek default and signs that U.S. growth is slowing.
At the closing bell, the Dow Jones industrial average is eking out an 8 point, or 0.1 percent gain, at 11,409. The Standard & Poor’s 500 index is down 2, or 0.2 percent, at 1,203. The Nasdaq composite is down 23, or 0.9 percent, at 2,590.
Nearly two stocks fell for every one that rose. Trading was light, at 3.8 billion shares.