NEW YORK, June 19 — US stocks ended sharply lower yesterday, with the Dow and S&P 500 posting their worst weekly performances in months, after comments from Federal Reserve official James Bullard that the US central bank might raise interest rates sooner than previously expected spooked investors.
Investor confidence in their existing positions was initially dinged by the Fed’s policy meeting, where it projected interest rate hikes would happen sooner than anticipated, and signaled it was reaching the point where it could begin talking about tapering its massive stimulus — as opposed to just thinking about it.
“I’m not surprised to see the market sell off a little bit. I’m never surprised, given the strong run we’ve had for such a long period of time, when you see some periods of profit-taking,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.“Next week, you will have various Fed governors give speeches, and we’ll have the same thing: some governors will be more hawkish, and some will be more dovish, so you’ll see some back-and-forth,” Ghriskey added.
While US crude prices — which traditionally suffer from a strong dollar — initially fell yesterday, they rebounded after Opec sources said the producer group expected limited US oil output growth this year.
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