There’s an old adage that aptly applies to Wall Street these last two days:
“The market taketh and the market givith away!”
Yesterday the markets gained 1%- Today they lost 1% as the S&P 500 has now given back all of its “year to date” gains with its worst day since April.
Tuesday was an anxious day on Wall St. for investors as the Dow finished down triple digits, erasing all of yesterday’s gains. Today’s off-day came in advance of tomorrow’s release of the latest Fed minutes that may shed some light on what the FOMC might do with interest rates in the near term. San Francisco Fed president John Williams and Atlanta Fed president Dennis Lockhart said in a Reuters report that the FOMC could still raise rates two or three times this year. Neither are voting members of the Fed.
See more analysis on today’s market action from CNBC below.
Here are the final numbers from Tuesday, May 17th on Wall Street:
Dow Jones Industrial Average: 17,529.98 (-180.73 / -1.02 %)
NASDAQ: 4,715.73 (-59.73/ -1.25 %)
S&P 500: 2,047.21 (-19.45/ -0.94%)