U.S. stocks close lower following economic data as investors await Fed

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Stocks pulled back modestly Tuesday, as investors awaited the outcome of a Federal Reserve policy meeting. The Dow Jones Industrial Average DJIA, -0.27% fell around 94 points, or 0.3%, to close near 34,300, according to preliminary figures, while the S&P 500 SPX, -0.20% lost around 8 points, a decline of 0.2%, to end near 4,247. The Nasdaq Composite COMP, -0.71% gave up around 101 points, or 0.7%, to finish near 14,073. The S&P 500 and Nasdaq closed at records on Monday. A two-day Fed meeting will conclude with a policy statement Wednesday afternoon and a news conference by Chairman Jerome Powell. Investors are eager to see whether policy makers began to discuss the eventual tapering of bond purchases and the adjustment of expectations around rate increases in the wake of hotter-than-expected inflation readings.

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