Markets

Dow Jones closes lower ahead of Fed rate decision

2020-07-28 23:10:05 GMT (Economies.com)

US stocks fell on Tuesday, weighed down by the energy sector as oil prices fell, amid anticipation for the Federal Reserve's interest rate decision on Wednesday.

 

However, optimism took over the market for an effective and safe coronavirus vaccine coming down the pike in the next few months.

 

More companies continued to report their business results for the second quarter, and several tech giants, such as Apple, Alphabet and Amazon, will report their results later this week.

 

The Federal Reserve meeting has begun today and will continue until tomorrow, amid expectations for the Fed to keep the interest rate unchanged.

 

To the oil market, West Texas Intermediate crude fell 1.4% to close at $41.04 a barrel, after it hit a day high of $41.9 and a low of $40.8.

 

Brent fell 0.4% to $43.22 a barrel, with a high of $43.8 and a low of $43.00.

 

As for stocks, Dow Jones fell 0.7% or 205 points to close at 26,379, after it hit a day high of 26,556 and a low of 26,361.

 

Nasdaq fell 1.3% or 134 points to 10,402 points, with a high of 10,523 and a low of 10,398.

 

S&P 500 fell 0.6% or 21 points to 3,218, after it hit a day high of 3,243 and a low of 3,216 points.

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