US stocks have closed lower after a choppy trading session with investors focused on consumer inflation data out later this week.
Jim Paulsen, chief investment strategist at The Leuthold Group said the bond market didn't seem that concerned about inflation at the moment."It's a combination that maybe the Fed is correct but also that the Fed for the first time showed they are beginning to talk about tapering [of bond purchases], which is also a comforting sign that there is still a heartbeat of inflation fighting in the Federal Reserve.
Oil stocks led the falls with Exxon Mobil falling after it said it would add two new directors to its board in the next 12 months.New economic figures showed sales of new US single-family homes dropped in April as prices surged amid a tight supply of houses, while a separate report showed US consumer confidence was little changed from last month, which was the highest reading since February.