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Wall Street stocks retreat as industrials tumble

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NEW YORK: Wall Street stocks retreated on Wednesday (Jul 17), with industrial companies especially weak as a Federal Reserve report described US ...

NEW YORK: Wall Street stocks retreated on Wednesday , with industrial companies especially weak as a Federal Reserve report described US growth as"modest."

The report comes ahead of a policy meeting later this month at which the Fed is widely expected to cut interest rates.The broad-based S&P 500 shed 19.62 points to 2,984.42, while the tech-rich Nasdaq Composite Index shed 37.59 points to 8,185.21.After hitting records last week, analysts have cautioned that stocks could be challenged to push higher, in part because of lacklustre corporate earnings are expected this quarter.

Rival freight rail companies Union Pacific and Norfolk Southern tumbled 6.4 per cent and 7.4 per cent.

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