Wall Street’s three major indexes closed lower on Tuesday, following a rally last week, as volatile oil markets kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official.
The Dow Jones Industrial Average fell 0.67%, to 32,991, the S&P 500 lost 0.63%, to 4,132.15 and the Nasdaq Composite dropped 0.41%, to 12,081.39.
All three indexes had rallied last week to snap a decades-long losing streak. With Tuesday’s decline, the S&P and the Dow were essentially unchanged for May. The Nasdaq showed a monthly decline of 2%.
And Inflation in the Eurozone surged to a new record high in May, piling more pressure on the European Central Bank to end its money-printing and bring its key interest rates back above zero. Preliminary figures from Eurostat showed consumer price inflation rose to 8.1% in the 12 months through May, up from 7.4% in April.
So, markets should not look for a quick change of direction from Central Banks.
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