US stocks mixed as Fed minutes back early QE tapering

AFP, (10/7) -- US stocks ended mixed on Wednesday after the minutes of the Federal Reserve's last policy meeting suggested it could end its QE stimulus program by the end of the year. The Dow Jones Industrial Average edged down 8.68 (0.06 percent) to 15,291.66. The broad-based S&P 500 was also little-changed, rising 0.30 (0.02 percent) to 1,652.62. Meanwhile the tech-rich Nasdaq Composite Index climbed 16.50 (0.47 percent) to 3,520.76. Minutes of the Fed's last policy meeting showed a significant bias toward winding up the QE bond-buying program even before the mid-2014 target announced by Fed chief Ben Bernanke. Yet, the minutes noted, 'many members indicated that further improvement in the outlook for the labor market would be required' before a reduction in the asset purchases would be merited. The minutes were consistent with the Fed's stance on tapering, said Alan Skrainka,  chief investment officer of Cornerstone Wealth Management. 'No big surprises here at all,' Skrainka said. 'It just reinforced the view that QE will be tapered soon, but the exact pacing and timing will depend on economic data.'