Stocks Slip on Lackluster Earnings as Fed's Fisher Signals Pullback
NEW YORK (TheStreet) -- U.S. stocks slipped on Tuesday amid a slate of lackluster earnings while Dallas Federal Reserve President Richard Fisher warned investors to prepare for a pullback of central bank stimulus.
The S&P 500 dropped 0.2% to 1,767.68 while the Dow Jones Industrial Average retreated 0.2% to 15,750.67. The Nasdaq was little changed at 3,919.92.
While the U.S. economy has improved in the years since the 2008 recession, doubts remain as to whether the recovery can continue to gain strength if the Federal reserve elects to reduce the size of its stimulus program. At present, the Fed buys about $85 billion in assets each month.
Last week's jobs reports bolstered the outlook that the Fed could begin to taper its bond buying. The Fed's Fisher in a speech in Melbourne said the bank's current level of stimulus "becomes riskier by the day."
In corporate news, x-ray company Hologic
And Sarepta Therapeutics
Gold futures were off $6.20 to $1,274.90 an ounce while ten-year U.S. Treasuries were dropping 8/32, bolstering the yield to 2.778%. Oil was slipping 85 cents to $94.29 a barrel while the U.S. dollar was up 0.09% to $81.16.
--Written by Andrea Tse in New York