Wall Street ends lower as investors digest inflation data, presidential debate

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NEW YORK, June 29 ― US stocks ended weaker yesterday after an early rally fizzled as investors digested in-line inflation data and weighed political uncertainty after the US...

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The Commerce Department report also showed consumer spending rose marginally last month, fuelling optimism that the US central bank could engineer a much-desired “soft landing” for the economy. “People are trying to think about what's going to happen with the presidential election. So instead of uncertainty decreasing after the debate, it's increased,” he said.San Francisco Fed President Mary Daly acknowledged the cooling inflation, and noted that it is “good news that policy is working.” Fed Governor Michelle Bowman said the central bank would follow its own path as its inflation goal has yet to be reached.

The Dow Jones Industrial Average fell 41.12 points, or 0.11 per cent, to 39,122.94. The S&P 500 lost 22.57 points, or 0.41 per cent, at 5,460.30 and the Nasdaq Composite dropped 126.08 points, or 0.71 per cent, to 17,732.60.

 

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