The US markets ended mostly lower on Tuesday following the sell-off seen during trading on Monday. The choppy trading on markets came as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to leave monetary policy unchanged but could address the outlook for its asset purchase program. The minutes of the Fed's last meeting signaled the central bank was prepared to begin scaling back asset purchases by the end of the year.
On the economic data front, new residential construction in the US increased by more than expected in the month of August, according to a report released by the Commerce Department. The report said housing starts jumped by 3.9 percent to an annual rate of 1.615 million in August from a revised rate of 1.554 million in July. Street had expected housing starts to increase to a rate of 1.580 million from the 1.534 million originally reported for the previous month. The Commerce Department also said building permits spiked by 6.0 percent to an annual rate of 1.728 million in August from a revised rate of 1.630 million in July.
The Dow Jones Industrial Average fell 50.63 points or 0.15 percent to 33,919.84 and the S&P 500 edged down by 3.54 points or 0.08 percent to 4,354.19, while the Nasdaq gained 32.5 points or 0.22 percent to 14,746.4.
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