Stocks mostly lower a day after Fed rally

Associated Press
Trader Michael Zicchinolfi works on the floor of the New York Stock Exchange, Thursday, Dec. 19, 2013. Stocks edged lower in early trading Thursday, pulling back from record levels. (AP Photo/Richard Drew)
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NEW YORK (AP) — Stocks are mostly lower on Wall Street a day after hitting their latest record high.

Long-term interest rates and the dollar rose after the Federal Reserve said it would reduce its bond purchases.

The Standard & Poor's 500 fell a point, or 0.06 percent, to 1,809 Thursday.

The Dow Jones industrial average edged up 11 points, or 0.07 percent, to 16,179. The Nasdaq composite fell 12 points, or 0.3 percent, to 4,058.

Dividend-rich utilities stocks fell the most.

Facebook fell 1 percent after saying it would sell 70 million shares, including more than 41 million held by founder and CEO Mark Zuckerberg.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.93 percent.

Gold fell below $1,200 an ounce, the lowest in three years.

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