Wall Street stocks mixed, dollar gains with data; Fed, earnings in the wings
Wall Street indexes closed slightly lower and the dollar gained with Treasury yields as investors digested Monday's data and waited for the U.S. Federal Reserve's interest rate decision due on Wednesday as well as key upcoming economic data and quarterly earnings reports.
Also, U.S. construction spending increased more than expected in March, boosted by investment in non-residential structures, but single-family homebuilding remained depressed. "The higher the Fed has to increase interest rates and the longer they have to keep them there, we increase the risk of a recession and the risk of a deeper and longer-lasting recession," he said.
MSCI's gauge of stocks across the globe shed 0.08 per cent, while emerging market stocks lost 0.03 per cent. "You've a whole stew of data coming out this week. You don't know if the cioppino is going to be hot, mild or somewhere in between, which is why you have the market hanging around this unchanged level," he said.
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