NEW YORK — A big rally in U. S. stocks evaporated Wednesday as the Federal Reserve appeared to struggle with questions related to inflation
and government policy and suggested it might start trimming its balance sheet later in the year.
Stocks had jumped early on after payroll processor ADP said private U. S. businesses
added 263,000 jobs in March, which was more than analysts expected.
U. S. crude oil rose 12 cents to $51.15 a barrel in New York.
Dow Chemical gained 32 cents to $63.52 and DuPont added 67 cents to $80.47.
The Dow Jones industrial average rose as much as 198 points, and the Nasdaq composite reached an all-time intraday high.