United States stocks began the day with a weak open, dropping ahead of the Federal Reserve’s policy meeting.ВВ On the New York Stock Exchange, Dow Jones Industrial Average plunged 94 points or 0.55%, trading contracts with 7,241 points. Standard & Poor’s 500 slumped 12.75 points or 0.63%, exchanging contracts with 222,807 points. NASDAQ 100 dropped 18.5 points or 0.42%, settling contracts with 9,238 points.
While the Federal Reserve relies heavily on data, market players will also focus on economic reports which will be released this week for more indications on the health of the United States economy.
Federal Reserve’s two day policy meeting will begin on Tuesday, but is not expected to hike interest rates any sooner.
Data published on Tuesday indicated retail sales declined 0.1% in February, lower than the 0.2% forecasted, but a steep downward revision to January’s sales could rekindle worries over the economy’s growth prospects.Publication source