CHICAGO (CBS) — Stocks closed slightly lower Thursday amid a batch of mixed economic reports, falling crude oil prices and anticipation for a potential December Fed interest rate hike.
The S&P 500 lost 3, the NASDAQ dropped 4, and the Dow Jones Industrial Average shed 40 points, settling to 18,162.
“We had a pretty good Monday-Tuesday rally and I think today is really just a little backing and filling. When you look behind the market at the big movers it was all earnings related, specific to the companies as oppose to big over arching reactions to the debate or reactions to economic data,” says Paul Nolte, Portfolio Manager at Kingsview Asset Management here in Chicago.
He also noted that he sees a real opportunity in emerging markets over the next year.