LONDON: U.S. stocks closed lower Tuesday, but off the session lows hit when one Federal Reserve president indicated a September interest-rate hike is likely unless there is a significant deterioration in the economy.
The Dow Jones Industrial Average DJIA, -0.27% finished down 47.51 points, or 0.3%, to close at 17,550.69, after being down nearly 93 points intraday.
The S&P 500 SPX, -0.22% slipped 4.72 points, or 0.2%, to 2,093.32, after being down as much as 9 points. The Nasdaq Composite Index COMP, -0.19% lost 9.84 points, or 0.2%, to finish at 5,105.55, after being down almost 23 points.
While stocks had been choppy for most of the session, they lurched lower after Federal Reserve Bank of Atlanta President Dennis Lockhart told The Wall Street Journal that “there is a high bar right now to not acting.” That was seen as a signal that Fed officials are serious about raising rates in September.
Among the day’s notable individual moves, shares of Apple Inc. AAPL, -3.21% closed down 3.8%.
