Stocks Unable to Sustain Rally

Skepticism about the Fed's $200 billion liquidity plan, and another record closing high for oil, dragged the market lower Wednesday

Major U.S. stock indexes closed lower Wednesday as trading turned more cautious after the market's huge rally in the previous session. Market observers tied Wednesday’s retreat to profit taking and mixed opinions about the Federal Reserve's recent steps to help ease the credit crisis. Also causing uneasiness among investors: crude oil prices, which fanned inflation fears by heading deeper inside record territory.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.