Stocks down amidst interest rate, shutdown concerns
Los Angeles —
Wall Street stocks retreated on Tuesday after rallying on Monday as investors remain fixated on the increased likelihood the Federal Reserve will keep interest rates high for the foreseeable future.
The Dow Jones Industrial Average lost 1.14% to 33,618.88. The S&P 500 fell 1.47% to 4,273.53, while the tech heavy Nasdaq Composite was down 1.6% to 13,061.63.
Tuesday’s moves reverses Monday’s gains as all three major indexes are on track for a losing month.
The anticipation of higher interest rates for longer has put pressure on markets as US consumer confidence data showed a drop on Tuesday.
Adding to investor worries is the increasing prospect of a government shutdown, a move that could shake the stock market as the September 30 deadline approaches for reaching a budget deal.
