Losses in equities were limited by a broad based rally in tech stocks, as shares of Amazon.com Inc (NASDAQ: ) surpassed $1,000 for the first time.
All the three main U.S. indexes ended the day in negative, following the release of soft consumer confidence data while consumer spending recorded its biggest increase in four months.
Investors turned attention to monetary policy later during the session, following comments on economic growth and interest rates from two Fed officials.
The Commerce Department said that consumer spending, which accounts for roughly 70% of U.S. economic activity, 0.4%, in line with economists’ forecasts.
The closed roughly flat while the closed at 6203.19, down 0.11%The ‘Bulls and Bears’ on Wall StreetThe top Dow gainers; Verizon Communications Inc (NYSE: ) up 1.9%, 3M Company (NYSE: ) up 0.9%, while Microsoft Corporation (NASDAQ: ) rose 0.6%.
Stocks fall but NASDAQ shares rise for 7 months
as mentioned in U.S. equities fell on Wednesday, the last trading day of May, as a drop in the financials sector pressured stocks.
Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said the pullback in equities on Wednesday and Tuesday is reflective of “a confluence of unfavorable factors.”
Crit Thomas, global market strategist at Touchstone Investments, said there are concerns the Federal Reserve may not be able to raise interest rates twice more, as it had previously forecast.
“A lot of people assumed they’d raise in June and September, but now I’m hearing it may be June and December.
The Dow Jones industrial average fell about 20 points, with Goldman Sachs contributing the most losses.
shares of Amazon.com Inc (NASDAQ: ) surpassed $1,000 for the first time
as mentioned in Nevertheless, the Nasdaq and S&P snapped a seven-day winning streak.
The personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, rose 0.2 percent.
Commodity selloff puts the brakes on stock market rally Tuesday, 30 May 2017 | 3:47 PM ET | 00:36U.S. equities closed lower on Tuesday as investors digested key economic data, but a rise in tech stocks helped cap losses.
The S&P 500 slipped 0.1, with energy leading decliners, but the information technology sector rose 0.31 percent.
The Nasdaq composite traded 0.1 percent despite shares of Amazon breaking above $1,000 for the first time.
collected by :John Locas