Wall Street rally halts in a choppy session as financials falter

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Wall Street rally halts in a choppy session as financials falter

On Tuesday, the 20th of August 2019, all three key indexes of Wall St, tumbled more than 0.50 percent, as a sharp downswing of financials following waning hopes of large-scale stimulus by central banks put an end to a three-day-long rally of Wall St.

As investors had been waiting for Fed Chair Jerome Powell’s comment by the end of the week for further direction, trading volumes appeared to be getting thinner and risk-appetites seemed to be retreating. Adding that the Friday (August 23rd) speech of Fed Chair Jerome Powell in the Central Bankers’ conference at Jackson Hole, could signal more clues on interest rate and monetary policy, a senior managing director at Clearstead Advisor in New York, Jim Awad said, “Everyone is waiting for Jackson Hole.

It’s a wait-and-see attitude until Friday. ” Nonetheless, despite US President Donald Trump’s Tuesday’s (August 20th) comment on axing taxes in payrolls and capital gains, which would be stepping up consumer spending and reviving money-flow into the US domestic markets, Wall St.

had failed to weather frets of a raft of geo-political wobbles alongside trade uncertainties, analysts suggested. Quoting statistics, on Tuesday’s (August 20th) market closure, Dow drowned 0.66 percent to 25,962.44 and S&P 500 fell by 0.79 percent to 2,900.51, while Nasdaq Composite was nudged 0.68 percent lower to wrap up the day at 7,948.56.