Stocks fall on Wall Street ahead of Fed policy statement

By DAMIAN J. TROISE
AP Business Writer

Stocks fell in morning trading on Wall Street Wednesday as traders wait to hear from the Federal Reserve after its last policy meeting of the year. The Fed is widely expected to announce a faster pullback of its stimulus measures as inflationary pressures build. The S&P 500 fell 0.3%. The benchmark index is coming off two days of losses, pulling it a bit further below the record high it set last Friday. The Dow Jones Industrial Average fell 0.3% and the Nasdaq fell 0.6%. Big communications companies were among the biggest weights on the market. Bond yields were steady.