Aust stocks close lower

Local market narrows losses slightly but still closes in the red after US Federal Reserve again reduces its stimulus measures.

The Australian stock market has slightly narrowed early losses but still closed 0.8% lower after the Federal Reserve's fresh reduction of its stimulus measures weighed on Wall St.

At 1555 AEDT, the benchmark S&P/ASX200 index lost 0.78% to 5,188.1 points, while the broader All Ordinaries index declined 0.79% to 5,199.4 points.

The United States Federal Open Market Committee concluded its monthly meeting with the announcement it would cut its monthly bond purchases by $US10 billion a month, to $US65 billion.

The news led US stocks to close more than 1% lower, with the Dow Jones Industrial Average slumping 189.77 points, or 1.19%, to 15,738.79.

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