NEW YORK — Traders are putting a September stock rally on hold and moving into Treasurys and gold, a day after the Federal Reserve Board said it was ready to take more action to boost the economy.
The Fed didn't announce specific steps in its announcement, but investors interpreted its statement as a signal that the central bank could step up its bond-purchasing program down the line.
Investors had little incentive to move more money into stocks, so they turned their focus to other investments. Treasurys are rising again Wednesday and gold hit a new record high.
The Dow Jones industrial average is down 33, or 0.3 percent, at 10,728. The S&P 500 is down 6, or 0.5 percent, at 1,134. The Nasdaq composite is down 20, or 0.8 percent, at 2,330.