As investors weighed the risks of a March increase in the federal funds rate, all major averages slipped to open the week on Wall Street.
Members of the Federal Reserve's Open Market Committee (FOMC) have been widely suggestive that they would approve a 0.25% increase in the federal funds rate when they meet next Tuesday and Wednesday, March 14 and 15.
Thus, with money tightening, investors are squaring up positions or exiting the market in search of opportunity, primarily ending up in cash or bonds. Wall Street has rallied strongly since the election of Donald Trump as president back in November, but it appears the Fed is about to empty the punch bowl of nearly-free funding for speculators.
At The Close, 3.6.17:
Dow: 20,954.34, -51.37 (-0.24%)
NASDAQ: 5,849.18, -21.58 (-0.37%)
S&P 500: 2,375.31, -7.81 (-0.33%)
NYSE Composite: 11,547.79, -50.58 (-0.44%)