© Archyde.com. The Wall Street sign in front of the New York Stock Exchange in New York City, US, in this photo from Archyde.com archive.
(Archyde.com) – U.S. stocks closed lower on Tuesday as investors tried to digest comments from a senior Federal Reserve official about troubled banks and sold shares of technology-related companies after a strong performance in the latest trade.
Michael Barr, the Fed’s chief banking supervisor, told a Senate committee that Silicon Valley had done a “terrible” job of managing risk before it collapsed.
According to preliminary data, the Standard & Poor’s 500 index fell 6.17 points, or 0.16 percent, to close at 3,971.36 points, while the Nasdaq Composite Index fell 52.27 points, or 0.44 percent, to 11,716.56 points.
The industrial index also fell 38.05 points, or 0.12 percent, to 32,394.03 points.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)