U.S. Stocks Down for Fourth Day Due to Taper Worries
The S&P 500 Index closed down 0.1% today, its fourth red day in a row. This marks the most-sustained downward trend in 10 weeks. Positive economic news — October new home purchases were up, October manufacturing was up, November payroll was up — have led to concerns that the Fed will taper their aggressive bond-buying program at their December meeting. Additionally, the federal government’s temporary funding resolution runs out in mid-January, and the market has no idea what the new year will bring.