Stocks drop ahead of Federal Reserve meeting
Tuesday, June 21, 2011
NEW YORK (AP) -- Stocks are falling in early trading as investors wait to hear what Federal Reserve Chairman Ben Bernanke says about the economic recovery.
The Fed is winding down a bond-buying program at the end of this month. The program was meant to support the economy. Bernanke will hold a press conference later Wednesday.
FedEx rose after reporting a 33 percent jump in earnings. The package company expects global growth to continue.
The S&P 500 index is down 3 points, or 0.2 percent, to 1,293.
The Dow Jones industrial average is down 38, or 0.3 percent, at 12,152. The Nasdaq is down 8, or 0.3 percent, at 2,680.
In Greece, the government narrowly won a confidence vote that may help it win austerity measures needed to secure more emergency loans.