WASHINGTON, June 19 — All three main indices on Wall Street dropped yesterday with investors wary of a more hawkish stance from the US Federal Reserve, while the dollar posted the strongest gains in over a year and oil prices continued a steady climb.
Those comments were offset somewhat later in the day by Minneapolis Federal Reserve President Neel Kashkari, who said he didn’t see interest rate hikes until 2024. “I’m not surprised to see the market sell off a little bit. I’m never surprised, given the strong run we’ve had for such a long period of time, when you see some periods of profit-taking,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Brent crude futures rose 43 cents, or 0.6 per cent, to settle at US$73.51 a barrel. US West Texas Intermediate crude rose 60 cents, or 0.8 per cent, to US$71.64 a barrel. Both benchmarks were headed for a weekly gain of about 1.1 per cent.
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