Wall Street's main indexes fell on Friday, weighed down by cyclical stocks linked closely to the economy, as investors digested the Federal Reserve's decision to end its pandemic-era stimulus faster.
Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.
"People are closing out their positions on a day like this because we have long weekend coming up for Christmas next week, especially institutions as they clear their books, and also a combination of year-end tax selling," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
"The overall mood getting into next year is going to be positive, but everything is based on the macroeconomic outlook." Traders work on the floor of the New York Stock Exchange in New York City, U.S., November 29, 2021. REUTERS/Brendan McDermid
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big Wall Street bonus pools may be hard to drainThe windfall coming to Wall Street bankers is the worst-kept secret of 2021. The bonus pools at JPMorgan , Goldman Sachs and the rest have swelled , which means bankers can take home more without shareholders settling for less. Just like any market that has been artificially stimulated, it’s the return to normal that poses the challenge.
Read more »
Asia-Pacific markets set to trade cautiously following overnight losses on Wall StreetThe Bank of Japan is due to announce its monetary policy decision today and analysts say they do not expect any substantive changes.
Read more »
Young Dolph Remembered By Friends, Family at Memphis Street Re-NamingThe slain MC’s name, Adolph Thornton Jr., is now on a stretch of road near Memphis International Airport.
Read more »
7 Street Style-Inspired Bags to Work Into the RotationThey’re all from Amazon (and under $40).
Read more »
7 Street Style-Inspired Bags to Work Into the RotationThey’re all from Amazon (and under $40).
Read more »
Young Dolph's Partner, Mia, Speaks at Memphis Street Sign UnveilingDolph gets his name Memphis street named after him weeks after his death.
Read more »