US stocks were lower on Wednesday as some investors took comments by Federal Reserve Chairman Alan Greenspan as a sign that more interest-rate hikes should be expected. Greenspan said in congressional testimony that even after six quarter-percentage point rate hikes since June, the official federal funds rate "remains fairly low." That comment was taken by some as a signal that more rate hikes may be on the way.

The Dow Jones industrial average was down 32.82 points, or 0.30 percent, at 10,804.50. The Standard & Poor's 500 Index was down 3.32 points, or 0.27 percent, at 1,206.80. The technology-laced Nasdaq Composite Index was down 5.05 points, or 0.24 percent, at 2,084.16.

Copyright Reuters, 2005