Wall Street slips after rally as earnings, data eyed
Federal Reserve rate cuts.
A benign reading on inflation calmed fears about a renewal in price pressures and strong bank earnings helped the three major U.S. indexes notch their biggest one-day percentage gain since Nov. 6 on Wednesday.
But stocks swayed between modest gains and losses on Thursday after economic data on Thursday indicated consumer spending remains strong, while the labor market is also on solid footing, giving the Fed room to maintain a slow pace in cutting interest rates this year.
«The market breathed a pretty good sigh of relief yesterday. Now January's undecided, but at least on a little bit better footing to see where we end up, and we can look at some more data and some earnings and see how that's all going to turn out,» said Rick Pitcairn, chief global strategist at Philadelphia-based Pitcairn.
«The bank earnings have been strong, and those are bellwether earnings, and to the extent that you've got a steepening yield curve, you've got some strong earnings come out of the banks, they're looking forward and not talking their numbers down. The market's taken a little courage from that.»
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