The S&P 500 pulled back from its newly set record after a meandering day of trading took a late turn lower.
The S&P 500 pulled back from its newly set record Wednesday after a meandering day of trading took a late turn lower.
Indexes turned lower in the afternoon after the Federal Reserve released the minutes from its latest policy meeting. The central bank has been one of the main pillars propping up the market after it slashed short-term interest rates to their record low and essentially promised to buy as many bonds as it takes to keep markets running smoothly.
Across the stock market, momentum has largely remained solid. But it’s slowed recently after roaring back from a terrifying plummet of nearly 34% in February and March. Trading has been so tepid that it took the S&P 500 several attempts to break its record after pulling within 1% of the mark a week and a half ago.This is a traditionally slow time of the year for stocks, and the market is also still in wait-and-see mode on several fronts.
Also hanging over the market is the upcoming U.S. election, with the big changes in tax and other policies that it can create. Democrats formally nominated Joe Biden late Tuesday to run against Trump.Earnings reporting season for big U.S companies has nearly wrapped up, with businesses in the S&P 500 on track to report a sharp decline in profits for the spring, but not as bad as Wall Street expected.
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