NEW YORK: The S&P 500 index closed at its lowest level since June 1 on Tuesday (Oct 3) as economic data underscored the view the Federal Reserve (Fed)...
Bostic said on Tuesday there is no urgency for the US central bank to raise its policy rate again, but it will likely be ‘a long time’ before rate cuts are appropriate. – Reuterspic
The Dow Jones Industrial Average fell 430.97 points, or 1.29%, to 33,002.38, the S&P 500 lost 58.94 points, or 1.37%, at 4,229.45 and the Nasdaq Composite dropped 248.31 points, or 1.87%, to 13,059.47. Data showed US job openings unexpectedly increased in August, fuelling worries about a tight labour market ahead of Friday’s key US monthly jobs report.“The scenario that most investors were assuming is the Fed would need to ultimately cut short-term rates, and we would return to a favourable interest rate environment,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.Higher borrowing costs are a negative for businesses and consumers.
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