Wall Street closes lower ahead of inflation data and Fed meeting

Wall Street ended the session lower, with investors taking some profits after three days of gains and shifting their focus towards upcoming inflation data and how it will affect the Federal Reserve’s meeting next week.

The Nasdaq’s decline was more severe than the S&P 500. Investors are awaiting the US consumer price index, which measures inflation, due to be released tomorrow morning (local time).A higher-than-expected reading would strengthen the case for the decision to tighten policy at the US central bank’s December 15 meeting.

According to preliminary data, the benchmark Standard & Poor’s 500 index ended the trading session down 33.58 points, or 0.71 percent, to 4,667.63 points, while the Nasdaq Composite Index lost 296.08 points, or

1.70 percent, to close at 15517.90 points.The Dow Jones Industrial Average rose 6.07 points, or 0.02 percent, to 35,760.82 points.

A Reuters poll of economists expected the Federal Reserve to raise interest rates by 25 basis points to 0.25-0.50 percent in the third quarter of next year. However, most saw the risk of a price increase sooner than that.

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