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Wall Street Opens Lower on Evergrande, Fed Worries; Dow Down 70 Pts By Investing.com

by Mike Robinson

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened lower on Friday, unsettled by fresh comments from the Federal Reserve about the pace of monetary policy tightening, and by doubts about China Evergrande, the real estate developer teetering on the brink of default.

By 9:40 AM ET (1340 GMT), the was down 68 points, or 0.2% at 34,696 points. The was down 0.3% and the was down 0.5%. That leaves the Dow on course for a narrow weekly gain, but the S&P and Nasdaq on course for a loss. 

Loretta Mester, President of the Cleveland Federal Reserve, explained in detail what Fed Chairman Jerome Powell hinted at on Wednesday. She stated that the Fed will likely reduce its bond purchases fairly quickly starting in November and could raise interest rates before the end next year. Mester stated in a speech the U.S. had fulfilled the requirements for tightening monetary policy.

Mester stated that he supports the Ohio Bankers League’s decision to reduce purchases beginning in November, and ending them in the first half next year.

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