US Stock Market's Major Indices Fall as Investors Monitor Economic Data

IconCryptoNewsTerminal Staff30 May, 2024

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US Stock Market's Major Indices Fall as Investors Monitor Economic Data

The three major indices of the US stock market closed lower on Tuesday, dragged down by losses in technology and consumer discretionary stocks. The S&P 500 fell 0.60%. The Nasdaq Composite dropped 1.08%. * The Dow Jones Industrial Average declined 0.86%. The market's decline came as investors digested a mixed bag of economic data. On the positive side, the Commerce Department reported that retail sales rose 0.3% in January, beating expectations. However, consumer confidence fell in February, according to a survey by the Conference Board. The economic data sets the stage for the Federal Reserve's upcoming policy meeting, where investors will be looking for clues about the central bank's plans for raising interest rates.

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