Stocks Take Breather After Wall Street Hits Record - KSWO 7News | Breaking News, Weather and Sports

Stocks Take Breather After Wall Street Hits Record

LONDON (AP) - World stocks edged lower Tuesday as investors took a breather after Wall Street hit another record high this week, and on expectations the Federal Reserve will cut its monetary stimulus.

After closing at a record high on Monday, the S&P retreated 0.2 percent to 4,066.16 on Tuesday. The Dow shed the same rate, to 15,991.46.

The drop encouraged investors to reconsider the wisdom of chasing stocks to new highs just as the Fed is expected to pull back on its bond-buying stimulus program. That could happen next month or even as early as next week.

"The precise timing may still be uncertain but there can now be little doubt in the market that it is coming soon," said Julian Jessop, economist at Capital Economics.

That scenario was confirmed by strong U.S. economic indicators on Tuesday. Job openings reached a 5-year high in October, an encouraging sign for future growth prospects. Meanwhile, wholesale stockpiles grew 1.4 percent during the month as factories produced more goods and companies rebuilt their stocks, a sign they're confident consumers will buy.

In Europe, Britain's FTSE 100 closed down 0.6 percent at 6,523.31 while France's CAC 40 shed 1.1 percent to 4,091.14. Germany's DAX fell 0.9 percent at 9,114.44.

Earlier, during Asian trading hours, the focus had been on economic indicators for China, the world's No. 2 economy.

China's factory production rose 10 percent in November from a year earlier, slightly lower than analysts' forecasts. But retail sales rose 13.7 percent, which was stronger-than-expected.

Hong Kong's Hang Seng fell 0.3 percent to 23,744.19 while China's Shanghai Composite was nearly unchanged at 2,237.49. Japan's Nikkei 225 closed down 0.3 percent at 15,611.31 and South Korea's Kospi shed 0.4 percent to 1,993.45.

Australia was steady and benchmarks rose in Indonesia and Malaysia.

In energy trading, benchmark crude for January delivery was up 72 cents to $98.06 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 31 cents to $97.34 on Monday.

The euro rose 0.2 percent to $1.3771 while the dollar fell 0.4 percent to 102.84 yen.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Artist Robert Indiana, known for 'LOVE' series, dies at 89

    Artist Robert Indiana, known for 'LOVE' series, dies at 89

    Monday, May 21 2018 9:12 PM EDT2018-05-22 01:12:35 GMT
    Tuesday, May 22 2018 1:43 AM EDT2018-05-22 05:43:39 GMT
    Robert Indiana, best known for his 1960s LOVE series – including the shown sculpture in John F. Kennedy Plaza in Philadelphia – died from respiratory failure Saturday, May 19, 2018. (AP Photo/Matt Rourke)Robert Indiana, best known for his 1960s LOVE series – including the shown sculpture in John F. Kennedy Plaza in Philadelphia – died from respiratory failure Saturday, May 19, 2018. (AP Photo/Matt Rourke)
    Robert Indiana, best known for his 1960s LOVE series – including the shown sculpture in John F. Kennedy Plaza in Philadelphia – died from respiratory failure Saturday, May 19, 2018. (AP Photo/Matt Rourke)Robert Indiana, best known for his 1960s LOVE series – including the shown sculpture in John F. Kennedy Plaza in Philadelphia – died from respiratory failure Saturday, May 19, 2018. (AP Photo/Matt Rourke)

    Artist Robert Indiana, best known for his 1960s LOVE series, has died at his home in Maine.

    Artist Robert Indiana, best known for his 1960s LOVE series, has died at his home in Maine.

  • US demands wholesale changes in Iran policies post-nuke deal

    US demands wholesale changes in Iran policies post-nuke deal

    Monday, May 21 2018 8:52 AM EDT2018-05-21 12:52:00 GMT
    Tuesday, May 22 2018 1:42 AM EDT2018-05-22 05:42:54 GMT
    fasfdafasfda

    Secretary of State Mike Pompeo is laying out the Trump administration's strategy for constraining Iran's nuclear program and opposing its other behavior in the region following President Donald Trump's withdrawal...

    Secretary of State Mike Pompeo is laying out the Trump administration's strategy for constraining Iran's nuclear program and opposing its other behavior in the region following President Donald Trump's withdrawal from the 2015 nuclear deal.

  • Divided Supreme Court sides with businesses over workers

    Divided Supreme Court sides with businesses over workers

    Monday, May 21 2018 10:21 AM EDT2018-05-21 14:21:59 GMT
    Tuesday, May 22 2018 1:42 AM EDT2018-05-22 05:42:34 GMT
    The justices ruled 5-4 Monday, with the court's conservative members in the majority, that businesses can force employees to individually use arbitration to resolve disputes. (Source: Supremecourt.gov)The justices ruled 5-4 Monday, with the court's conservative members in the majority, that businesses can force employees to individually use arbitration to resolve disputes. (Source: Supremecourt.gov)

    A new Supreme Court will allow employers to prohibit workers from banding together to complain about pay and conditions in the workplace.

    A new Supreme Court will allow employers to prohibit workers from banding together to complain about pay and conditions in the workplace.

Powered by Frankly