U.S. stocks closed lower on Wednesday giving up their earlier gains amid investor uncertainty about whether the Federal Reserve's quarter point rate cut would be the last in the near future. The Dow Jones industrial average, momentarily soaring above 13,000 for the first time since early January, ended the session with a slight loss. In announcing the cut to the federal funds rate, the Federal Reserve signaled it was less worried about economic growth than in March, adding that its rate cuts and liquidity moves in recent months “should help promote moderate growth over time and to mitigate risks to economic activity.” But Wall Street found it hard to read what the Fed would do next, and how it would balance figures showing the domestic growth has nearly ground to a halt with its mandate to manage inflation. According to preliminary calculations, the Dow Jones industrial average fell 11.81, or 0.09 percent, to 12,820.13, after trading up 178 points shortly after the Fed's announcement. Broader stock indicators also closed down, after earlier highs. The Standard & Poor's 500 index fell 5.35, or 0.38 percent, to 1,385.59, and the Nasdaq composite index fell 13.30, or 0.55 percent, to 2,412.80. The Russell 2000 index of smaller companies fell 2.75, or 0.38 percent, to 716.18. The New York Stock Exchange composite rose 13.69 to close at 9,299.60, while the American Stock Exchange composite climbed 7.56 to end the day at 2,295.47. The price of a barrel of light, sweet crude oil for June delivery fell $2.17 to $113.46.
