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S&P hits lowest level since March

Thursday, May 19, 2016 - 01:06

Worries increased on Wall St. that the Federal Reserve might raise rates as early as June. Bobbi Rebell reports.

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The Fed's hint of a June rate hike spooked investors a second straight day. The Dow and the S&P 500 touched a two-month low at one point. But with hard-hit sectors like energy and materials performing better, Art Hogan of Wunderlich Securities sees a turning point for the markets.. SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES, (ENGLISH) SAYING: "Guidance was better coming out of the first quarter earnings season so I think this is the inflection point." Investors got upbeat data that could support the Fed's case for a possible rate hike in June. Jobless claims fell last week. And the Conference Board's leading economic index rose in April. Wal-Mart surprised Wall Street with its solid quarterly sales growth, a stark contrast to rival Target. The world's largest retailer even saw strong demand for apparel. It issued an upbeat outlook. Monsanto's shares rose. German drug maker Bayer made an unsolicited bid for the American seeds company. Monsanto's board is reviewing the offer. Google is appealing a French regulator's order that it scrub certain web search results. Shares of its parent, Alphabet, fell. In Europe, stocks fell, pressured by the prospects for a U.S. rate hike.

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S&P hits lowest level since March

Thursday, May 19, 2016 - 01:06