Economy
CLOSING BELL: July 31: DJIA: 13,008.68 | DOWN 64.33 | -0.49%
OIL: $88.06, DOWN 1.72, -1.92%
GOLD: $1,610.50, DOWN 9.20, -0.57%
GASOLINE (US Avg): $3.500, UP .014
Stocks: Investors Hit Pause Ahead of Fed, ECB
Hibah Yousuf, CNN Money - U.S. stocks closed down slightly Tuesday amid another day of cautious trading ahead of meetings by U.S. and European central bankers.
The Dow Jones Industrial Average slipped 64 points, or 0.5%, the S&P 500 lost 6 points, or 0.4%, and the Nasdaq fell 6 points, or 0.2%.
While investors sifted through a handful of encouraging economic reports, they were mostly sitting back and waiting for central bank meetings when they’ll find out whether the U.S. Federal Reserve and the European Central Bank will announce new stimulus measures to boost the economy.
“It’s hard to believe that someone is going to make any big bets with the possibility of something drastic coming out of either central bank,” said Art Hogan, managing director at Lazard Capital Markets.
The Fed’s two-day meeting kicked off Tuesday, with an announcement due Wednesday afternoon.
“The Fed has three credible options, and the hope is that one of them comes to fruition,” said Hogan. “If we don’t get anything, this is a market that will be disappointed. But at the same time, even if they do something, I’m not sure how much will be enough.”
Read the rest of this article at CNNMoney here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
