Stocks close nearly flat after a wild week

29 Aug 2015 | Author: | No comments yet »

Up and down week: U.S. stocks edge lower in midday trading after two-day surge.

The market then rebounded sharply over the next two days as investors decided the sell-off was overdone. “People are taking a little bit of a pause,” said Paul Springmeyer, senior portfolio manager at the Private Client Reserve at U.S. Bank. “We’re finally winding down here where maybe we’re seeing more rational behavior.” Despite recovering their losses from earlier in the week, stocks are still on course for their worst monthly performance in more than three years. The recent market turmoil has thrown into doubt expectations for a rate increase next month, with most economists now saying it’s off the table for now.

Federal Reserve Vice Chairman Stanley Fischer said Friday that before the recent turbulence in financial markets, there was a “pretty strong case” for starting to hike rates in September.

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