Investors were hoping central bankers would offer up some signs that another round of quantitative easing, or QE3, was on the table. But the minutes from the Fed's policymaking meeting show the central bank is wary of the risks.
All three indexes rebounded from earlier lows. The Dow Jones industrial average (INDU) fell 49 points, or 0.4% and the Nasdaq (COMP) lost 14 points, or 0.5%. The S&P 500 (SPX) ended flat.
Investors also continued to digest the latest moves out of Europe. In a speech to parliament, Spanish Prime Minister Mariano Rajoy said thecountry would cut €65 billion ($79.6 billion) in less than three years by reducing government spending and raising taxes. Meeting budget-deficit reduction targets would require austerity and more efficiency, he said.
"We will significantly reduce the number of public institutions," Rajoy promised.
The U.S. trade deficit stood at $48.7 billion in May, coming in just slightly below expectations. It dropped from $50.1 billion the prior month.
As expected, wholesale inventories for May increased by 0.3%.
The dollar rose against the Japanese yen, but was slightly lower versus the euro and the British pound.
Oil for August delivery settled up, rising $1.90 to $85.81 a barrel.
Gold futures for August delivery fell $9.30 to $1,571.60 an ounce.
No comments:
Post a Comment