Wall Street dropping back on mixed week ahead of J'Hole
|Wall Street closed lower today on a mixed week while the dollar rallied and Gold plunged as investors prepare for the Jackson Hole (J'Hole) at the end of the week.
The S&P 500 closed its doors for the day at a two-week low on the back of the health-care sector dropping amid the public debate that hit the wires over pharmaceutical companies’ pricing practices. The index fell 11 points, or 0.5%, to end at 2,175 while the Dow Jones Industrial Average shed 65 points, or 0.4%, to finish at 18,481. The Nasdaq Composite dropped 42 points, or 0.8%, to close at 5,217.
The Fed remains very data-dependent according to the recent minutes, but despite a very mixed economic backdrop according to official data, market speculation continues to factor in a rate hike this September and a hawkish outcome from the Jackson Hole allowing for a bid in the DXY to 94.75 the high and a drop in gold from $1,340 down to $1,324.
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