Stocks closed lower after the Federal Reserve’s economic update failed to give investors much to get excited about.
The Fed said it will continue its effort to keep long-term interest rates low. Investors liked that. But the Fed also said it’s seeing high unemployment and a depressed housing market.
Consumer products maker Procter & Gamble Co. said demand is slowing. Sales of its products, which include Tide detergent and Duracell batteries, are a good window into the economy.
The Dow Jones industrial average closed down 13 points at 12,824 Wednesday. The Standard & Poor’s 500 fell two points to close at 1,356. The Nasdaq gained a fraction of a point to close at 2,930.
Spain finance minister: No international bailout needed
MADRID — Spain’s finance minister insisted again Wednesday that the country does not need a full-blown bailout, even as the country’s sky-high borrowing costs remained at dangerous levels.
The interest rate, or yield, on the Spanish benchmark 10-year bond fell 22 basis points to 6.78 percent, below the 7 percent level it has been hovering above since Monday. But Finance Minister Cristobal Montoro said Spain “does not need to be rescued.”
Yahoo, Liquid set to publish motion comics
PHILADELPHIA — Yahoo said Wednesday it is expanding its original offerings, partnering with Liquid Comics to offer motion-comics.
The two companies said they’ll make the first two titles - created by film directors Barry Sonnenfeld and Guy Ritchie - available online later this summer through Yahoo Screen.
Motion comics blend elements of comic book art and animation.