AMN/ WEB DESK
US markets edged lower yesterday due to losses in energy and industrial stocks as investors awaited the result of the Federal Reserve’s two-day policy meeting. So, the Dow Jones Industrial Average fell 0.4% to 32,826 points, while the S&P 500 lost 0.2% to 3,963. But the Nasdaq Composite edged up 0.1% to 13,472. After tumbling 11% from its Feb. 12 record high through early March, the Nasdaq has mostly recovered and is now down about 4% from its all-time high close.
The U.S. stock market lacked direction for much of the day after the S&P 500 and Dow Jones Industrial Average closed at record highs on Monday. Wall Street has recently benefited from optimism about a 1.9 trillion dollar fiscal stimulus package and ongoing vaccination drives that have bolstered views that the economy is on a path to recovery.
At the same time, fears about an overheating economy and a recent increase in interest rates have increased scrutiny on the Fed’s two-day meeting, where Fed is likely to raise economic forecasts and repeat their pledge to remain accommodative in the near future.