Wall Street ends worst week since June; dollar rises
NEW YORK (REUTERS) - Wall Street closed out its worst week since June on Friday, pulling back from record highs as investors focused on when the Federal Reserve will start to wind down its stimulus programme, while the dollar rebounded from a seven-week low.
United States (US) stocks ended modestly lower as investors found few catalysts in light volume. For the week, the S&P 500 lost 1.1 per cent, after several Fed officials alluded to a decline in stimulus before long. The Fed's support has been a major driver in the rally that has pushed the S&P 500 up more than 18 per cent so far this year.
"People are looking ahead to the September FOMC (Federal Open Market Committee) meeting and the prospect that the Fed begins its long-awaited exit strategy," said Mr Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.
The dollar rebounded slightly on Friday from recent losses, but it ended the week about 1 per cent lower. The dollar index gained 0.2 per cent on Friday.