Up and down, up and down.
If you didn’t have the stomach for undulating turns on the stock market then this week might have prompted you to get off of the Wall Street ride. Volatility was the name of the game this week with large up & down swings, but mostly down as all three major U.S. indices finished in the red.
Bank stocks were also in focus today as shares in Deutsche Bank plummeted more than 9% after the U.S. Justice Department suggested the German banking giant pay $14 billion to settle a number of investigations related to mortgage securities.
The main culprit however, for all of this week’s market volatility: waiting on the Fed. The Federal Open Market Committee meets in the middle of next week to decide whether or not to raise interest rates for just the 2nd time in 10 years. That uncertainty has led directly to the all of the volatility on Wall St. over the past six straight trading sessions. Earlier this week it seemed like it was a virtual certainty that the Fed’s Board of Governors would vote for a September rate increase of .25 percent, but now it’s looking more likely that the Fed will hold it’s current course.
CNBC’s Bob Pisani and Art Cashin of UBS, discuss the markets ahead of next week’s Fed meeting, as well as the new sector in the S&P 500.
Dow Jones Industrial Average: 18,123.80 (-88.68 / -0.49%)
NASDAQ: 5,244.57 (-5.12 / -0.10%)
S&P 500: 2,139.16 (-8.10/ -0.38%)