Stocks drift lower ahead of Fed minutes - East Valley Tribune: Business

Stocks drift lower ahead of Fed minutes

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Posted: Wednesday, July 11, 2012 9:04 am

Stocks are drifting lower in midday trading as investors wait for minutes from the Federal Reserve's June meeting.

The Dow Jones industrial average fell 30 points to 12,621 shortly before noon Eastern. The Dow is on track for its longest losing streak in almost two months.

After the Fed's last meeting, policymakers said they were ready to take more steps to push the recovery forward if the job market gets worse.

In other trading, the Standard & Poor's 500 rose one point to 1,341 and the Nasdaq lost 14 points to 2,888.

Chevron, Exxon Mobil and other energy companies rose as oil prices bounced back. Oil crept back above $85 a barrel following a report that U.S. crude supplies fell for a second week straight.

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