Wall St falls after gloomy Fed cuts growth forecast
US stocks broke a six-day winning streak yesterday, with the S&P 500 ending a hair lower after the Federal Reserve suggested additional measures may be needed to combat a weakening economy.
Optimism over the start of earnings season limited declines after Intel reported better-than-expected results on signs of renewed corporate spending. Shares of Intel rose 1.7 percent to $21.36, helping keep the Dow and Nasdaq slightly higher.
Minutes of the Fed’s June meeting showed officials are more concerned with the pace of economic recovery. That added to jitters stoked by a weak report on June retail sales.
The Dow Jones industrial average edged up 3.70 points, or 0.04 per cent, to end at 10,366.72. The Standard & Poor’s 500 Index fell just 0.17 of a point, or 0.02 per cent, to 1,095.17. The Nasdaq Composite Index rose 7.81 points, or 0.35 per cent, to close at 2,249.84. Earlier, the S&P 500 touched an intraday high at 1,099.08 and the Nasdaq was up as much as 0.8 per cent at a session high of 2,260.33.