Stock rally evaporates

Associated Press

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. But stocks halted their advance and started falling at 2 p.m., when the Federal Reserve disclosed the minutes from its policy meeting last month.