US Markets in Red
Stocks in US continued their fall after consumer confidence dropped unexpectedly. Peter Boockvar, an equity strategist at Miller Tabak & Co. in New York, said: "The Treasury auction took some wind off the stock market. It reflects some rising risk aversion and belief the Fed will remain on hold because the economy is still looking very iffy. People are concerned about the sustainability of the economic improvement. The market might be heading for a correction phase.”
Stephen Carl, principal and head of US equity trading at The Williams Capital Group LP in New York, said:" People want to take some profits. The consumer confidence numbers weren't great. We had a good run with the Dow topping around 10,000 over the last week. Many people feel the market could be overvalued."
Dow Jones closed up 0.14 per cent to 9,882.17. The S&P 500 index fell 0.33 per cent to 1,063.41. while The Nasdaq Composite Index was down 1.20 per cent to 2,116.09.
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