Wall Street falls for fourth day as ECB stokes growth concerns
- Wall Street’s main indexes fell for a fourth consecutive session on Thursday, after Europe’s central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.
“On the one hand, dovish talk could be bullish. On the other hand, maybe it is indicating just how slow things are over there,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “More than anything, we have been going up in a straight line for eight weeks and needed to take a break,” said Walter Todd, chief investment officer with Greenwood Capital in Greenwood, South Carolina.
The S&P 500 closed below its 200-day moving average, a closely watched technical level, for the first time in about a month. Declining issues outnumbered advancing ones on the NYSE by a 2.43-to-1 ratio; on Nasdaq, a 2.14-to-1 ratio favored decliners.
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