US stocks retreat as markets await Fed decision

NEW YORK: Wall Street stocks finished lower on Tuesday as the Federal Reserve opened a monetary policy meeting amid strong consumer data and more White House pressure to cut rates.

US consumer confidence in July rebounded strongly as survey respondents reported robust labor and business conditions and increased optimism, according to the Conference Board.The report coincided with Commerce Department data showing a fifth consecutive monthly increase in personal income, suggesting retail spending should be healthy in the summer.

The better economic data means"the uncertainty surrounding the central bank's future policies has increased," said Gorilla Trades strategist Ken Berman. But Pfizer plunged 6.4 per cent as its deal announced Monday to merge its off-patent business with Mylan drew negative reviews.

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