After a four week winning streak the markets are now down in each of the first two sessions of the week after a mixed today Tuesday. Dow components led decliners with telecom issues and McDonalds leading the slide. The fast food giant fell 4.5% after reporting lower than expected sales. The Federal Open Market Committee (FOMC) is scheduled to wrap up its two-day meeting tomorrow afternoon with its statement on monetary policy. Most don’t expect the Fed to raise interest rates, but will watch for indications on the timing of the next rate hike.
CNBC’s Steve Liesman tries to explain, why: “sell in May and go away” has turned into: “buy, buy buy in July” for the stock market.
Here are the final numbers from Tuesday, July 26th on Wall Street:
Dow Jones Industrial Average: 18,473.75 (-19.31 / -0.10%)
NASDAQ: 5,110.05 (+12.42 / +.24%)
S&P 500: 2,169.18 (+.69/ +0.03%)