It was another reversal day in the market, where stocks started out strong but faded throughout the session. After being up nearly 200 points shortly after the open, the Industrials reversed course and ended the day down 148. The Transports followed suit, losing 1.19%, while the Nasdaq shed 0.75% and the S&P 500 fell 0.82%.
A handful of economic data was released today and showed Personal Income rising 0.3% for the month, while Consumer Spending rose 0.4%. The headline PCE Index finally reached 2% year-over-year, hitting the Fed's target, while core PCE rose 1.9% year-over-year.
The poor U.S.performance was a dramatic shift from earlier in the day, when all major averages in both Europe and Asia closed in the green. The Stoxx 600 rose 0.18%, the Europe Dow climbed 0.29% and the Asia Dow finished the day up 0.71%. Unfortunately, the U.S. dragged down the Global Dow Index, which fell 0.38%.
Even with the uptick in inflation, bond prices in the ... Log in or subscribe to continue reading.