Major Indices wraps lower as most stocks retreat form record levels
Today's session was driven by the newly released economic data, reflecting that consumer spending was less than anticipated during economic recovery.
The US Federal Reserve started a 2-day policy meeting to discuss the June monetary policy which is being anticipated by most investors as this will give them an idea when the banks will roll-back the current interest rates. They are also expecting that the Feds discuss the tapering of the current asset purchase program which is at $120 billion a month.
Still, the market's performance for the past few sessions showed that they've manage to shake off the fear for an increase in the interest rates. Fresh record highs were recorded a day prior which reflects resurgence on the tech stocks as well as the positive movement on the market.
Today, however, was affected by the print on consumer spending. The Dow Jones Industrial Average observed losses and landed at 34,299.73, dropping by 0.27%. The S&P 500 Index fell back from record levels after losing 0.20% or 8.48 points. NASDAQ Composite Index dropped by more than 0.70% or over 100 points following the market's movement.
Below is an overview of the market's movement as of this writing;
NASDAQ and S&P, on the other hand, clipped their 3-day winning streak. NASDAQ being pulled down by large-cap tech stocks and its weak performance, while S&P sectors had six sectors ending lower out of eleven.
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