US stocks move solidly lower, led by declines in energy shares as oil prices sink

31 Aug 2015 | Author: | No comments yet »

US stocks open modestly lower, led by energy sector.

NEW YORK — Stocks moved lower in early trading Monday, as oil prices fell and investors reacted to signs that the Federal Reserve was still on pace to raise rates this month. FED PLANS: Fed Vice Chairman Stanley Fisher said over the weekend that policymakers still had a “pretty strong case” for raising rates in September. That ran counter to recent market sentiment that China’s economic slowdown and global market volatility might prompt the nation’s central bank to wait.

Speaking at the Fed’s annual gathering in Jackson Hole, Wyoming, Fisher emphasized he was not saying what action the Fed might take at its September meeting but analysts took his comments to mean he saw the economy moving close to satisfying the Fed’s conditions for a hike. The sell-off was so steep last week, the S&P 500 briefly entered into correction territory, or a drop of 10 percent or more from its most recent high.

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