The prospect of upcoming rate hikes led to a mild selloff in all sectors today except the financials, which benefit from higher interest rates. The Industrials shed 48 points while the Transports gained 0.6%. Both the Nasdaq and S&P 500 declined approximately 0.2%.
More confidence that rates will go up also pushed the dollar and bond yields higher. The dollar index reached its highest level in more than a month.
Strength in the dollar put pressure on commodities. Oil declined over 50 cents per barrel to trade just over $46. The precious metals also declined, with gold falling $10/ounce and silver down 19 cents. Miners weren't able to buck the trend and took the brunt of the pain, with XAU falling over 5%.
In global markets, most of Europe and the Asia-Pacific was in the green, but the Global Dow fell 0.09%
Mini-Bricks in the Wall of Worry
by Jon S. Strebler
We've often cited Mr. Russell's "wall of worry" ... Log in or subscribe to continue reading.