U.S.
stocks declined as Federal Reserve Chair Janet Yellen signaled the
economy is nearly ready for higher borrowing costs, while the scale of
the European Central Bank’s additional stimulus measures disappointed
some investors.
Equities
fell to a two-week low and are headed toward year end with their
smallest move in four years. Investors are grappling with an array of
influences, including divergent policies from major central banks,
uneven economic data and turbulence in commodities markets. Energy
shares weighed Thursday for a second session, despite a rebound in oil
prices.
The
Standard & Poor’s 500 Index fell 0.8 percent to 2,063.80 at 12:47
p.m. in New York, following a 1.1 percent slide yesterday. The Dow Jones
Industrial Average lost 112.84 points, or 0.6 percent, to 17,616.84.
The Nasdaq Composite Index declined 0.9 percent.
Yellen
delivered a cautiously upbeat outlook for the U.S. economy, signaling
the conditions necessary for an interest-rate increase have been met and
that she hopes to tighten monetary policy slowly after liftoff. “I
currently judge that U.S. economic growth is likely to be sufficient
over the next year or two to result in further improvement in the labor
market,” Yellen said, according to the text of testimony Thursday before
Congress’s Joint Economic Committee.
Source : Bloomberg
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