Stocks Close Lower As Policy Concerns Mount
The stock market closed at a loss today, with an average drop of 0.87% across the major indexes. A primary cause for concern was the future interest rate hikes under consideration this week by Bernanke. Recent European debt woes also added to feelings of uncertainty.
Of course, any real Fed policy changes will likely be months away, and any market reaction now is incredibly premature. It's likely that these values will bounce back as a more realistic attitude about the slowly approaching changes sets in.
Despite the market drop, gold and oil commodity prices were up, as were the values of major world currencies, including the U.S. dollar, the Euro, and the British pound.
At the end of the day, the Dow was down 1.04%, the S&P 500 lost 0.89%, and the Nasdaw closed -0.70%.