Dollar rises, Wall Street pulls back day after Fed decision

Reuters (20/9) - The U.S. dollar rose on Thursday while Wall Street shares mostly edged lower, a day after a sharp rally driven by the Federal Reserve's unexpected decision to maintain its stimulus program. Global equities markets rose, with Asia and Europe, whose markets had already closed when the Fed released its decision on Wednesday, surging on the news. Wall Street hit record highs on Wednesday. U.S. Treasuries yields rose from one-month lows on Thursday as investors questioned when the Fed is likely to begin to pares its $85 billion a month in bond purchases. MSCI's world share index, which tracks equities in 45 countries, rose 0.9 percent and hit a five-year high as large gains in Asian markets were followed by a 0.6 percent rise in European shares. But Wall Street was broadly lower, though a 1.6 percent rise in the shares of Apple Inc helped drive the Nasdaq modestly higher. In announcing its decision on Wednesday, the Fed cited concerns about the strength of the U.S. recovery, and also cut its growth outlook for both 2013 and 2014. The Dow Jones industrial average was down 40.39 points, or 0.26 percent, at 15,636.55. The Standard & Poor's 500 Index was down 3.18 points, or 0.18 percent, at 1,722.34. The Nasdaq Composite Index was up 5.74 points, or 0.15 percent, at 3,789.38. http://www.reuters.com/article/2013/09/19/us-markets-global-idUSBRE96S00E20130919