NEW YORK (AP) — The Dow Jones industrial average closed lower for the fifth
straight day as worries about sluggish economic growth weighed on markets.
The Dow ended the day down 49 points at 12,605, after minutes from a Federal
Reserve meeting highlighted concerns about the U.S. economy.
In a summary of their June meeting released Wednesday, Fed officials said the
economy could struggle if Congress fails to avert tax hikes and spending cuts
scheduled for the end of the year. Europe's debt crisis and China also posed
The Standard & Poor's 500 index lost a fraction of a point at 1,341. The
Nasdaq lost 14 points to 2,888.
Rising stocks outpaced falling ones by a small margin on the New York Stock
Exchange. Trading volume was light at 3.3 billion.