Dow Breaks Tuesday Winning Streak
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Hemera/Thinkstock(NEW YORK) — Wall Street couldn’t make it 21 for 21. For the first time since Jan. 15, the Dow Jones Industrial Average closed down on a Tuesday. In the final 15 minutes of trading on Tuesday investors made a last ditch effort to push the Dow into positive territory, but the late day recovery fizzled. By the closing bell the Dow was down 76 points finishing the session at 15,177.
The Nasdaq Composite shed 20 points to close at 3,445. The S&P 500 lost nine points, closing the session at 1,631.
One of the main reasons for Tuesday’s decline was growing concern that the Federal Reserve is going cut back its stimulus program. Kansas City Fed President Esther George released a speech on Tuesday in which she said she believed it is time to wean the financial markets off their dependence on ultra-easy money from the central bank.
The rest of the week could also be volatile for investors as the next three days are filled with reports about jobs. Wednesday is the ADP private payroll report, Thursday will reveal weekly initial jobless claims and Friday is the government’s monthly non-farm payroll report.
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