NEW YORK, Aug 29 — US stock indexes fell today, adding to a sharp selloff last week as investors worried about the Federal Reserve's plan to keep raising interest rates in its fight against inflation even at the cost of an economic slowdown.
"We believe the economic data justifies a 50 or 75 basis point rate hike at the September meeting, with the potential for additional 25 or 50 basis point rate hikes at the November and December meetings to stay ahead of inflationary trends." The US two-year Treasury yield, which is particularly sensitive to interest rate expectations, briefly scaled a 15-year high, while the closely watched yield curve measured by the gap between two and 10-year yields remained strongly inverted.At 10:13 a.m. ET, the Dow Jones Industrial Average was down 214.13 points, or 0.66 per cent, at 32,069.27, the S&P 500 was down 20.78 points, or 0.51 per cent, at 4,036.88, and the Nasdaq Composite was down 69.95 points, or 0.58 per cent, at 12,071.77.
Energy stocks climbed 2.5 per cent, tracking a more than 2 per cent jump in oil prices as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar.
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