|09-10-2014, 06:26 PM||#1|
Wall Street declines for a third day, rate hike concerns rekindle
Wall Street continued to retreat on Wednesday, adding to a straight two-day loss for the Dow Jones Industrial Average and the S&P 500, but trading is somewhat subdued in anticipation of the Federal Reserve’s next policy action.
On Tuesday, stocks closed at their lowest levels in more than two weeks. The Dow declined nearly 100 points to 17013.87 and the S&P 500 fell 0.7% to 1988.44.
Benchmark indices seem to have taken a breather this week after a rally that carried the S&P 500 above the 2,000 mark for the first time.
Last Friday, the S&P 500 hit another all-time high, the 33 rd for the year. The Index was up 7.6% in 2014 through yesterday’s close.
Treasury prices were still going down on Wednesday. The benchmark 10-year Treasury note yield rose to 2.535% earlier in the session, the highest level since July 31. Yields were last up 2.3 basis points at 2.527%.
Investors look forward to next week’s Federal Open Market Committee meeting for fresh guidance on rates, with declining bond prices potentially reflecting investor decision to reprice an upcoming rate hike.
-The Dow Jones Industrial Average fell 0.20% or 34.62 points to 16979.11
-The S&P 500 Index fell 0.16% or 3.19 points to 1985.25
-The NASDAQ Composite Index fell 0.12% or 5.40 points to 4546.98 . As of 10:38 a.m. ET
Meanwhile, volatility in Apple’s shares continued, as investors are still considering the impact of Apple’s product launch even, in which the tech giant revealed its flagship iPhone 6, together with a new smartwatch and a new payments system.
Shares of Apple were last up 0.2%, and earlier rose 1%.
Analysts at Pacific Crest cut Apple to “sector perform”, citing the absence of new “profit drivers” to maintain an “outperform” rating, even after Tuesday’s product launch event.
Shares in Microsoft could be on the move after the Wall Street Journal reported the technology group is close to buy the maker of the popular “Minecraft” videogame for about $2 billion.
Krispy Kreme Doughnuts shed 4.83% after reported less-than-expected adjusted profit, despite posting stronger revenue.
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