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Stocks slide on renewed concerns over higher rates

May 17, 2016 4:25 PM ETBy: Carl Surran, SA News Editor5 Comments
  • Stocks fell sharply, with the Dow sinking to its lowest close in seven weeks, following comments from Fed officials that raised investor concerns about an interest rate increase coming sooner rather than later.
  • Stocks fell from the start after strong economic data revived worries over the potential for higher interest rates this year, and losses accelerated in the afternoon as San Francisco Fed's Williams and Atlanta Fed's Lockhart said the Fed could still raise rates two or three times this year.
  • "Yesterday was a one-day wonder. It was short-covering in Apple," said Art Cashin as today's losses negated yesterday's gains while the S&P 500 also breached its 50-day moving average.
  • Consumer staples (-1.9%), utilities (-1.7%), consumer discretionary (-1.2%), tech (-1.1%) and health care (-1.1%) were the day's weakest sectors.
  • Today's participation was above the recent averages, as ~1B shares changed hands on the NYSE floor.
  • U.S. crude oil settled up 1.2% at $48.31/bbl after hitting seven-month highs amid near-term supply outages in Canada and Nigeria.
  • Treasury prices finished mixed, with the yield on the 10-year note rising by one basis point at 1.76%.

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