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Wall Street stocks fall due to prospect of interest rate hike

Published 19/05/2016

The prospect of US interest rates rising hit stocks
The prospect of US interest rates rising hit stocks

Stocks have closed lower on Wall Street as traders get used to the idea that the Federal Reserve may raise interest rates next month.

Industrial companies and bank stocks fell more than the rest of the market on Thursday.

Goldman Sachs dropped 3% and Boeing fell 2%, the biggest declines in the Dow Jones industrial average.

Wal-Mart bucked the downward trend and jumped almost 10% after reporting surprisingly strong sales and releasing an optimistic outlook.

That comes in contrast to dour forecasts and results from many other retailers in recent weeks.

The Dow fell 91 points, or 0.5%, to 17,435. The Standard & Poor's 500 lost 7 points, or 0.4%, to 2,040. The Nasdaq composite gave up 26 points, or 0.6%, to 4,712.

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From Belfast Telegraph