Wall Street closed out its second straight losing week, giving back some of the gains that helped push the stock market to an all-time high earlier in the week.
The S&P 500 fell 0.6 per cent, its third straight loss. The benchmark index hit a record high on Tuesday, but mostly wavered in the days that followed.The Dow Jones fell 0.5 per cent, while the Nasdaq composite ended 1 per cent lower. The Australian sharemarket is set to start the week on the back foot, with futures pointing to a loss of 13 points, or 0.2 per cent, at the open.
The latest pullback for stocks came as traders reviewed several reports showing that inflation, though broadly cooling, remains stubborn. Other reports this week showed some softening in the economy, which bolstered hopes for a continued long-term easing of inflation. “Things happen more slowly than investors have come to process,” he said. “Policy lag exerting a downward pull is a lot longer than what investors have priced in.”
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