Frank Miller reporting...
Stocks finished the day firmly red as investors continued to express some disappointment over recent fed remarks.
After holding steady on interest rates yesterday, fed chair Jerome Powell said the Central Bank is not likely to raise or lower rates in the near future.
In other fed news, President Trump tweeted that Stephen Moore has withdrawn from consideration for the Federal Reserve Board. The news came amid speculation that Moore did not have enough votes to confirm his nomination.
The Dow was off around 120 today, the Nasdaq and S&P were lower as well.
The sell-off on Wall Street came despite some positive economic data. The Labor Department said that there was a spike in first quarter labor productivity – that was up 3.6 percent in the first quarter.
Elsewhere, the Commerce Department said that new orders for manufactured goods climbed by more than expected.
And oil prices plummeted today amid the latest round of reports showing an increase in U.S. production and crude stockpiles. Oil for June was down $1.79 to $61.81 a barrel, its lowest in about a month.
