Wall Street ends lower after Fed minutes highlight difficult economic recovery
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the U.S.
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the U.S. economic recovery from the devastating effects of the pandemic faced a highly uncertain path.
In the minutes of the July Fed meeting, the policy committee said that swift rebound in employment seen in May and June had likely slowed and that additional "substantial improvement" in the labor market would hinge on a "broad and sustained" reopening of business activity.
It also ruled out for now more dovish monetary policy measures such as the yield-curve control.
"The Fed was cautious in the minutes and has been over the last month," said Mike O’Rourke, chief market strategist, Jones Trading. "I think the fact that the Fed was not too warm on the yield-curve control and some of the extreme measures investors may have liked to see was a concern."
Unofficially, the Dow Jones Industrial Average <.DJI> fell 0.3% to end at 27,694.46 points, while the S&P 500 <.SPX> lost 0.44% to 3,374.96. The Nasdaq Composite <.IXIC> dropped 0.57%, to 11,146.46.
Earlier in the session, the S&P 500 hit an intraday record of 3,399.54 and Nasdaq of 11,257.422.
The company's stock was boosted by expectations of long-term success from the country's biggest tech names in a post-coronavirus world.
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The S&P 500 closed at a record on Tuesday in what has been its fastest recovery ever from a bear market. The Nasdaq recouped its losses from the pandemic sell-off two months ago, but the Dow is still nearly 5% below February's record closing high.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Medha Singh and Ambar Warrick in Bengaluru; Editing by Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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