Dow Jones Industrial Average Falls After Seven-Day Win Streak

The Dow Jones Industrial Average today fell as investors took gains off the table and prepared for a December rate hike by the Fed Open Market Committee.

Investors are still bullish on Donald Trump as president, whose platform includes tax cuts, higher infrastructure spending, and corporate tax reform.

But investors are concerned about possible tariffs on foreign goods that could boost inflation.

Let's look at the final numbers Wednesday for the DowS&P 500, and Nasdaq:

Dow Jones: 18,868.14; -54.92; -0.29%

S&P 500: 2,176.94; -3.45; -0.16%

Nasdaq: 5,294.58; +18.96; 0.36%

Now, here's a look at today's most important market events and stocks, plus a preview of Thursday's economic calendar.

DJIA Today: Trump Rally Ends After Impressive Seven-Day Winning Streak

The Dow Jones slipped 54 points as investors listened to statements from various members of the Federal Reserve and confirmed their suspicions that the central bank will finally hike interest rates next month for the first time since December 2015. The U.S. dollar hit a 14-year high as foreign capital continues to pour back into the United States. Although a rate hike next month would likely be small, it would be another step toward normalization of interest rates after a decade of the Fed's zero-interest-rate policy (ZIRP). According to CME Group's FedWatch Tool, the probability of a rate hike next month now sits at 90.6%.

It was a tough day for the housing market after U.S. mortgage activity fell to a 10-month low. U.S. home buying is under pressure thanks to the recent election. Mortgage rates have surged over the last week since Trump won the White House.

The price of crude oil slipped despite increased optimism over OPEC's production deal. The WTI crude oil price today dipped 0.7%, while the Brent crude oil price dipped 1.1%. Crude prices ticked higher after Russia's energy minister said that he anticipates OPEC will move to limit crude output during its Nov. 30 meeting in Vienna, Austria.

1 2
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.