Stocks fell slightly on Tuesday in another quiet late-summer day on Wall Street as hesitant investors remained on the sidelines. Investors continue to wait to see whether the Federal Reserve will raise interest rates later this year. The Standard & Poor’s 500-stock index fell 4.26 points, or 0.2 percent, to 2,176.12 and the Nasdaq composite fell 9.34 points, or 0.2 percent, to 5,222.99. In her comments, Ms. Yellen said the case for raising rates “has strengthened in recent months.”Banks are a major beneficiary of rising interest rates because they can charge more for loans when interest rates rise. A strong jobs report would give the Fed additional ammunition to raise interest rates either at its September meeting or later this year.

Source: New York Times August 30, 2016 14:12 UTC