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Wall Street closes its second week of losses awaiting the Fed

New York, Sep 17 (EFE) .- Wall Street closed its second consecutive week of losses due to doubts about the strength of the economic recovery and pending the next monetary policy meeting of the Federal Reserve (Fed).

In the last five days as a whole, the Dow Jones of Industrials has cut 0.1%; the selective S&P 500 0.6% and the Nasdaq Composite Index 0.5%.

Among European squares, Paris fell 1.40%, London 0.93% and Frankfurt 0.77%, while Madrid rose 0.75% and Milan 0.09%.

The New York stock market, immersed in a traditionally weak month for the stock market, reacted to a mixed picture of the US economy after the disappointing figures in the August employment report.

Although retail sales in August were better than expected, jobless claims, which serve as a gauge of the labor market, rose to 332,000 last week.

Likewise, consumer confidence has improved slightly after falling to its lowest level in 2011 this past August, but has also registered worse-than-expected data in September.

“Consumer confidence measured by the University of Michigan suggests that consumers are duller today than when the pandemic struck last year,” Wells Fargo analysts said in a note.

The market already has its sights set on the meeting that the Fed holds between Tuesday and Wednesday of next week, and after which its president, Jerome Powell, will address the media.

Analysts believe Powell will reaffirm in “advance notice” expectations to reduce the monthly pace of asset purchases later this year, something that could be announced as early as November.

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