U.S. Stocks Retreat Further After Beige Book

U.S. stocks extended modest losses in afternoon trade Wednesday, after the Federal Reserve's anecdotal report on economic conditions at its districts, known as the Beige Book. Findings appear to strengthen case for Fed to raise rates at its June meeting. The S&P 500 was down 6.6 points, or 0.3%, at 2,406. Financials sector was the worst hit, down more than 1%. The Nasdaq Composite was down 21 points, or 0.3%, to 6,182. The Dow Jones Industrial Average retreated by 57 points, or 0.3%, to 20,974.