Stocks Slump After Two Indexes Touch Record Highs
Stock futures were slightly down on Tuesday in advance of economic data regarding the US labor market and wholesale inventories and one day after two of three indexes marked record highs.
Tuesday, June 10, 2014 - 00:00
Both the S&P 500 and the Dow notched all-time highs during the Monday trading session. The S&P's record push marked its 19th thus far this year while the Dow set all-time highs for the ninth time in 2014. Just after 10 a.m. in New York, the Nasdaq dipped 0.18%, a fall of 8.35 points to 4,327.82; the S&P 500 edged down 0.21%, a fall of 4.07 points to 1,947.84; and the Dow dipped 0.23%, a drop of 39.34 points to 16,903.76.
Information about April job-openings is set for release on Tuesday morning. The data is among the material considered by Fed chair Janet Yellen when she assesses the status of the labor market. Wholesale data for April is also set for release on Tuesday morning.
Fed member chimes in
Stimulus policy is continuing because inflation is low and the labor market has room to grow, Reuters reports an official with the Fed told a Florida audience on Monday.
President James Bullard with the St. Louis Fed said in Palm Beach that the macroeconomy now is stronger than it has been in the past five years. With that in mind, the body is tasked with wrestling over how to adapt and adjust monetary policy. He predicted the debate about the status of monetary policy will garner more attention as the year continues.
ECB action benefits Wall Street
Maintaining price stability and the economic recovery in the euro zone are key issues that the European Central Bank feels strongly about, a member of the governing council of the ECB said on Tuesday.
Erkki Liikanen, who also is the governor of the central bank of Finland, said that the ECB stands firmly in favor of maintaining risks that may be presented by low inflation. In May, annual inflation fell to 0.5%, which is lower than the ECB price stability target of 2% during the medium term.
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