Wall Street closes slightly lower amid interest-rate concerns
US stocks ended Tuesday slightly lower as investors weighed inflation and interest-rate concerns, despite a fall in oil prices.
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The Dow Jones Industrial Average fell 0.3% to 51,350.81 on Tuesday, 29 September. The S&P 500 slipped 0.2% to 7,670.84, while the Nasdaq lost 0.1% to 26,797.54. [1]
ANP/Bloomberg described investors as concerned about inflation and interest rates despite falling oil prices. It reported that yields on longer-dated US Treasury bonds had reached their highest level since 2002. The report did not specify the bond maturities or yields. [1]
Federal Reserve governor Michael Barr warned that further interest-rate rises would probably be needed to slow price increases, according to the report. New York Fed president John Williams said another increase might come this year. [1]
US oil fell 3.8% to $89.05 a barrel and Brent dropped 2.7% to $102.48. ANP/Bloomberg also reported that the US had announced a release of 40 million barrels from its emergency reserve to help lower prices, and that Saudi Arabia had increased exports through a previously attacked pipeline. [1]
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