Economy
CLOSING BELL: July 11: DJIA: 12,604.53 | DOWN 48.59 | -0.38%
OIL: $84.75, DOWN 1.24, -1.44%
GOLD: $1,589.10, EVEN, 0%
GASOLINE (US Avg): $3.383, +.002
Dow, Nasdaq slip after Fed minutes, tech a weak spot
Caroline Valetkevitch, Reuters – The Dow and the Nasdaq lost ground on Wednesday as minutes from the Federal Reserve’s June meeting showed policymakers are open to the idea of more economic stimulus, but that conditions might need to worsen first.
The S&P 500 ended unchanged, breaking a four-day losing streak, after paring losses into the close. Technology and industrials led the S&P’s losers, as the market was hit by a number of high-profile earnings warnings in recent days.
Investors were hoping the Fed’s June minutes would suggest the central bank was getting closer to another round of stimulus. The lack of clues prompted selling in all three major indexes, though stocks pared losses just ahead of the close.
“A few Fed members noted additional policy action could be warranted if the economy were to lose momentum; however, it doesn’t seem like anything concrete is imminent,” said Michael Sheldon, chief market strategist of RDM Financial, in Westport, Connecticut.
Read the rest of the story at Reuters here.
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