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19 Mar 2015
Wall Street closing: A profit taking swoop
FXStreet (Guatemala) - U.S. stocks slipped back today after yesterday's rally. The FOMC has been digested and markets are realigning, with a strong dollar once again and softer stocks on the presumption of tightening this year from the Fed.
Today, the banks and energy companies were down as was the price of oil, backing away from yesterday's highs through $45 a bbl down to $42.53 the low today. The Standard & Poor’s 500 Index slipped 0.5 percent to 2,089.40 on the close in New York. The markets are pricing in a rate rise and while June is not likely, it was not written off by Yellen yesterday. However, most bets are off for a rise in June and in fact have been set back into the final quarter of the year. When rates do start to rise, the Fed may not be as aggressive as markets had started to price in and this has lead to a softer tone in the greenback and gave rise to a stronger Wall Street.
Meanwhile, as the markets get set to monitor data closely, today started with
Jobless claims and these rose by 1,000 to 291,000 from a revised 290,000. Also, we had the Philadelphia Fed’s manufacturing numbers for March but this came in lower than expectations.
Today, the banks and energy companies were down as was the price of oil, backing away from yesterday's highs through $45 a bbl down to $42.53 the low today. The Standard & Poor’s 500 Index slipped 0.5 percent to 2,089.40 on the close in New York. The markets are pricing in a rate rise and while June is not likely, it was not written off by Yellen yesterday. However, most bets are off for a rise in June and in fact have been set back into the final quarter of the year. When rates do start to rise, the Fed may not be as aggressive as markets had started to price in and this has lead to a softer tone in the greenback and gave rise to a stronger Wall Street.
Meanwhile, as the markets get set to monitor data closely, today started with
Jobless claims and these rose by 1,000 to 291,000 from a revised 290,000. Also, we had the Philadelphia Fed’s manufacturing numbers for March but this came in lower than expectations.