New York (AFP) – U.S. stocks Tuesday fell for a second day in a row as speculation increased that the U.S. Federal Reserve will soon scale back its bond-buying program.
At the closing bell, the Dow Jones Industrial Average fell 94.40 points (0.59 percent) to 15,914.37.
The broad-based S&P 500 dipped 5.81 (0.32 percent) to 1,795.09, while the tech-rich Nasdaq Composite Index declined 8.06 (0.20 percent) to 4,037.20.
Stocks have soared for most of 2013 despite periodic fits that the Fed will trim its $85 billion per month bond-buying program.
That speculation picked up following strong economic data on Monday, a dearth of major economic news on Tuesday and ahead of a big U.S. labor report Friday that many feel could hasten Fed action if jobs growth is strong.
The markets are falling because of “more taper fears” as economic data improves, said Brent Schutte of BMO Private Bank.
Copyright 2013 The National Memo