Wall Street slips before Fed minutes; S&P eyes resistance

Posted by Reuters

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Stocks declined on Wednesday in midday trading as the S&P 500 faced a technical resistance level after a recent string of gains and investors turned cautious ahead of the release of the minutes from the Federal Reserve’s latest policy meeting.

At 2:00 p.m. EST, the Fed will release minutes from its January policy meeting, when the U.S. central bank decided to further trim its monthly bond-buying program.

“I don’t think the market is going to be surprised, but there is always caution ahead of these minutes. I think the one thing to look for is the collaboration between Bernanke and Yellen since this was Bernanke’s last meeting,” said Randy Frederick, managing director at Charles Schwab, in Austin, Texas.