NEW YORK — The U.S. stock market on Wednesday pulled back from record levels. Declines were led by energy stocks in the afternoon, as the price of oil fell on speculation that a recent rally in the crude was excessive.
Later, traders will also comb through the minutes of the last Federal Reserve policy meeting for an indication of when the central bank might start raising interest rates.
KEEPING SCORE: The Standard & Poor's 500 index fell three points, or 0.2 percent, to 2,096 as of 11:33 a.m. Eastern time. The index closed at an all-time high of 2,100 on Tuesday.
The Dow Jones industrial average dropped 26 points, or 0.2 percent, to 18,019. The Nasdaq composite was little changed at 4,899.
FED MINUTES LOOMING: Yhe Federal Reserve will release minutes from its January policy meeting at 2 p.m. Eastern. Investors want to see if policy makers are close to raising interest rates. Currently, investors are expecting the Fed to raise rates between June and September. That would be the first increase since 2006.
ENERGY: Oil prices remained volatile with the recent rally appearing to flag. Benchmark U.S. crude, which had been on the rise last week, was down $1.19 at $52.34 a barrel Wednesday. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.32 to $61.20 a barrel.
THE QUOTE: The S&P 500 has rebounded from a weak start to the year, climbing back to an all-time high in February, as a rebound in oil has boosted energy stocks. Encouraging reports on hiring have also encouraged investors. The gains have come, even as a strengthening dollar has curbed overseas earnings for companies in the index.
"Investors are starting to look beyond oil and the currency strength and they are looking at the underlying economy as a positive," said Sean Lynch, co-head of global equity strategy with Wells Fargo Investment Institute.
OVERALL PICTURE: Almost 80 percent of the companies in the S&P 500 index have now reported their results for the fourth quarter, and earnings are forecast to climb by 7.6 percent for the period, according to S&P Capital IQ. That compares with growth of 9.2 percent in the third quarter and a rate of 4.9 percent in the same period a year earlier.
EARNINGS WATCH: Shares of Fossil Group plunged as the company's fourth-quarter results and outlook disappointed investors. The company's stock dropped $17.34, or 17.5 percent, to $81.88.
GREECE: The Greek government is set to ask its European creditors to extend a 240 billion-euro international loan agreement — but without the deep spending cuts and income reductions of the country's austerity program. Greece's bailout program expires after Feb. 28 and there are worries that a failure to extend it may force the country out of the euro, which could be potentially damaging to the global economy. Investors are optimistic that Greece will eventually reach a compromise with its creditors.
EUROPE'S DAY: The main stock market in Athens was up 1.1 percent, while Germany's DAX rose 0.5 percent. The CAC-40 in France was 0.9 percent higher but the FTSE 100 index of leading British shares fell 0.2 percent.
BONDS AND CURRENCIES: In government bond trading, prices rose. The yield on the 10-year Treasury note fell to 2.12 percent from 2.14 percent late Tuesday.
The dollar gained against the euro, pushing the currency down to 1.1372
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