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Approaching the close in New York, the Dow had clawed its way back to nearly flat, after suffering triple-digit losses earlier in the session.
With under 20 minutes to the end of trading on Wall Street, the Dow was down just 0.03% or 5 points at 15,90, while the S&P 500 index actually managed to nudge its way into positive territory, gaining 0.05%.
The recovery came after the release of the Fed’s monthly Beige Book report, which showed no significant change from the previous month’s report, with the economy being described as growing at a ‘modest to moderate pace from early October through to mid-November’. Out of the 12 Federal Districts polled for the report, five characterised growth as modest, with the remainder opting for moderate.
Things were slightly less positive when it came to describing the labour market, with improvement reported in five districts, but no change in the other seven. Price inflation looks stable according to the report. This would appear to offer little backing to arguments of tapering at the December FOMC meeting, meaning Friday’s employment data is still likely to prove crucial.
Tomorrow we have jobless claims and the latest revision for US third-quarter GDP.