Market Watch: Wall Street Waits For The Fed

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Stocks moved lower on Tuesday morning, as investors continue to look towards tomorrow’s Federal Reserve statement for hints of whether an interest rate hike is around the corner.

The lower open follows a 228-point jump in the Dow on Monday, as investors ignored a new six-year low in oil prices to focus on fluctuations in the value of the dollar. The currency fell slightly against the Euro.

On the data side, new homes figures came out Tuesday morning. falling 17 percent in February. This was the lowest figure in a full year, as harsh winter weather took its toll. European equities were mixed on Tuesday, as the European Union summit looms at the end of the week. Continued attempts to negotiate end-of-bailout terms with Greece are expected to top the agenda.

U.S. oil prices fell 1.8% to just over $43 a barrel, the lowest price since March 2009.

Here are the final numbers from Tuesday on Wall Street:

Dow Jones Industrial Average: 17,849.08 (-128.34)

NASDAQ: 4,937.43 (+7.93)

S&P 500: 2,074.20 (-6.99)

Phil Cannella
Partnered with CBS Radio Network, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

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