A Federal Reserve official’s warning about a possible resumption of interest rate hikes unnerved Wall Street Tuesday, wiping out an early advance and leaving stocks narrowly higher by the close, the Associated Press reports.
The comments by Chicago Fed President Michael Moskow rattled investors looking to revive last week’s rally after they collected profits on Monday. Retailers, along with other sectors dependent on consumer spending, were among the stocks causing the major indexes to wobble Tuesday.
According to preliminary calculations, the Dow Jones industrial average dipped 4.89, or 0.04 percent, to 11,340.16 after been up more than 38 points early in the session. Advancers beat decliners on the New York Stock Exchange and the Nasdaq Stock Market.
Broader stock indicators edged higher. The Standard & Poor’s 500 index rose 1.30, or 0.10 percent, to 1,298.82, and the Nasdaq composite index gained 2.27, or 0.11 percent, to 2,150.02.
