U.S. stocks fell, after the worst week in almost two months for the Standard & Poor’s 500 Index, as protests in Hong Kong added to geopolitical concern while a rebound in consumer spending added to speculation the Federal Reserve may raise interest rates sooner than anticipated.
The S&P 500 (SPX) lost 0.9 percent to 1,964.42 at 9:33 a.m. in New York.
“Overall, there’s this sense of foreboding in the stock markets that we’re almost deserving of at least a correction,” Drew Wilson, an investment analyst with Fenimore Asset Management in Cobleskill, New York, said in a phone interview. “Nobody wants to be in the way of that. We’ve had one tiger awaken in Russia and now we have a tiger awakening in China and that’s a little too much risk and uncertainty for U.S. stock market investors to have on their plates.”
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