Hump-day on Wall Street meant a down day for the market as all three major indices ended in the red. Energy stocks led the decline, falling 1.5% with oil finishing lower. Oil dropped almost 2.5% to close at $41.71 per barrel.
As CNBC’s Bob Pisani reported today, the market is showing classic signs of “rotation,” which is, according to Investopedia: “an investment strategy involving the movement of money from one industry sector to another in an attempt to beat the market.” Watch below.
Meantime former Fed Chairman Ben Bernanke said he believes the Federal Reserve will not raise interest rates anytime soon.
Bernanke wrote in his blog for the Brookings Institution:
“It has not been lost on Fed policymakers that the world looks significantly different in some ways than they thought just a few years ago, and that the degree of uncertainty about how the economy and policy will evolve may now be unusually high. In general, with policymakers sounding more agnostic and increasingly disinclined to provide clear guidance, Fed-watchers will see less benefit in parsing statements and speeches and more from paying close attention to the incoming data.”
Read Bernanke’s complete blog post here.
Dow Jones Industrial Average: 18,495.66 (-37.39 / -0.20%)
NASDAQ: 5,204.58 (-20.90 / -0.40%)
S&P 500: 2,175.49 (-6.25/ -0.29%)
