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Fed comments pull stocks off record highs

Wednesday, August 17, 2016 - 01:23

U.S. stocks eased from record highs on Tuesday after comments from Federal Reserve officials fueled speculation of an interest rate hike this year. Bobbi Rebell reports.

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Wall Street took a break from the record highs on Tuesday pulled lower by telecom and utilities. The major indexes giving back ground after New York Fed President Bill Dudley said a September rate hike is possible and Atlanta's Dennis Lockhart said the U.S. economy is likely strong enough for at least one rate increase this year with two a possibility. Ross Gerber of Gerber Kawasaki: SOUNDBITE: ROSS GERBER, PRESIDENT AND CEO, GERBER KAWASAKI (ENGLISH) SAYING: "I'm tired of the Fed talking. They just cause more confusion than they help but I think one rate hike is probably on the books in December now but I think it is very premature to jump out and say we are going to raise rates in September and I don't understand the logic of saying things like that. " Retailers making headlines. TJX stock a loser after the company forecast full year profit that fell short of analyst estimates. Higher wages are boosting costs at the discount retailer. Home Depot also taking a step back despite quarterly sales rising 6.6 percent thanks to higher spending on home improvement products. Shares in Linde surged 11 percent after the company confirmed merger talks with U.S. industrial gas supplier Praxair to create a market leader with a value of more than $60 billion. Turning to European markets, shares falling back weighed down by industrial stocks.

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Fed comments pull stocks off record highs

Wednesday, August 17, 2016 - 01:23