Though stocks shaved their gains in the final hour of trading today, they still ended modestly higher with the DOW recovering from its worst one-day drop in nearly four weeks, as the latest round of weak economic data suggests the Fed’s bond-buying program would remain intact.
Stocks fell today, with the DOW retreating from a record, amid concern that the Federal Reserve could begin to taper its debt-buying program as the economy continues to improve.
Although stocks shaved their gains, they still ended in positive territory across the board Tuesday strengthened by supportive comments from central banks and upbeat economic data.
U.S. stocks are on track to fall for a third straight session today, marking the first three-day skid of 2013 for the market. Partially to blame are fears of a reduction in Fed stimulus efforts and retailers’ low profit forecasts.
The labor market continues to prove its resiliency as the number of Americans filing claims for unemployment benefits fell more than expected last week.
Strong demand and limited supply have been boosting home sales to hit a pace that is nearly three times as fast as normal.