Wall Street ends the month on the back-foot
|Wall Street was pressured again while markets continue to price in the possibility of a Fed hike in September.
The markets are continuing to act upon sentiment that the Federal Reserve could increase interest rates at least once this year and possibly as soon as September's FOMC meeting that is little than just three weeks away. The Dow industrials and S&P 500 finished lower for the month of August,and fell 53.42 points, or 0.3%, to close at 18,400.88 while oil fell again at a three week low with Chevron Corp. shares leading the decline in the Dow. The S&P 500 index closed down 5.18 points, or 0.2%, at 2,170.94, again with the energy and materials sectors dragging. The Nasdaq Composite index lost 9.77 points, or 0.2%, to close at 5,213.22, but a1% rise on the month. Markets now look ahead to the nonfarm payrolls as a key event for the month ahead of the FOMC after the recent Jackson Hole.
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