NEW YORK (AP) – US stocks opened lower on Wednesday, pulling back from record levels. Declines were led by energy stocks, as the price of oil fell on speculation that a recent rally in the crude was excessive.
Later, traders will also comb through the minutes of the last Federal Reserve policy meeting for an indication of when the central bank might start raising interest rates.
KEEPING SCORE: The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 2,096 as of 9:54 a.m. Eastern. The index closed at an all-time high of 2,100 on Tuesday.
The Dow Jones industrial average dropped 29 points, or 0.2 percent, to 18,012. The Nasdaq composite eased three points, or 0.1 percent, to 4,896.
FED MINUTES LOOMING: Later Wednesday, the Federal Reserve will release minutes from its January policy meeting. Investors want to see if policy makers are close to raising interest rates. Currently, investors are expecting the Fed to raise rates between June and September. That would be the first increase since 2006.