Wall Street Trumped out still: S&P 500 longest losing streak in five years

Wall Street was another down day today as investors stay on the sidelines or look for safer plays, diversifying portfolios while markets are rife of uncertainty.

At the same time, the FOMC delivered much of the same, leaving the door open for a December hike. The S&P 500 was recording the longest losing streak in five years while the Fed, intending to hike interest rates by at least 25bps, has told markets today that there has been some further evidence that a case for rate hike has continued to strengthen while inflation has increased some what since earlier this year. The general feel is that economic conditions will evolve and near term risks to the economy appear balanced. Markets are pricing in a 78% chance of a rate hike this December.

Full statement Fed decision: Nov 2, 2016

The S&P 500 index has  dropped 13.78 points, or 0.7%, to close at 2,097.94. All 11 main sectors closed lower, led by real estate shares. The Dow Jones Industrial Average also fell to below 18,000 for the first time since July and by 77.46 points, or 0.4%, to finish at 17,959.64. The Nasdaq Composite Index lost 48.01 points, or 0.9%, to end at 5,105.57, its lowest close since late July.

Key event: US election panel

Meanwhile, don't miss our US election panel with expert guests, Adam Button and Martin Armstrong, hosted by FXStreet's Ross Burland.