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Stocks declined - what we should know for markets in Thursday
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Loading...The stock market looks spooked by the Federal Reserve.
On Wednesday FOMC noted that Fed officials are concerned about the valuation of the stock market.
Earlier in the session, stocks were higher after another stronger-than-expected private payrolls report from data provider ADP.
During morning trade, the Dow had been up by as many as 170 points, but each of the major U.S. indexes closed lower with the tech-heavy Nasdaq seeing the biggest drop. The Dow lost 41 points, or -0.2%, the S&P 500 lost about 7 points, or 0.3%, and the Nasdaq fell 34 points, or almost 0.6%.
On Thursday, the main piece of economic news will be the weekly report on initial jobless claims, though investors will likely remain more focused on Friday’s big March jobs report.
“Some [FOMC participants] viewed equity prices as quite high relative to standard valuation measures,” the minutes of the Fed’s latest meeting read.
Meaning that some members of the FOMC noted something many Wall Street strategists and others have been saying for some time — stocks are near the high end of the their historical valuation range.
Source: Yahoo Finance
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