Wall St falls for fourth straight session as Fed eyed
NEW YORK (REUTERS) - United States (US) stocks lost ground on Monday, with each of the major indexes falling for a fourth straight session, as investors were hesitant to make new bets ahead of an expected shift in Federal Reserve policy that could lead to higher interest rates.
The declines marked the longest losing streak of the year for the Dow and S&P 500, while the Nasdaq matched its longest string of declines since mid-June.
The Nasdaq was positive for most of the session, spurred by gains in technology shares, such as Apple Inc and Google Inc, before selling pressure in the last hour of trading turned the index negative. Apple shares gained 1.1 per cent to US$507.74 while Google advanced 1 per cent to US$865.65.
The Fed's policy of buying large amounts of bonds in an attempt to keep interest rates low has been a major force in the nearly 16 per cent gain in the benchmark S&P 500 for the year.