S&P 500 retreats the most in 2 weeks

The S&P's 500 Index retreated the most in two weeks as Fed Res Chairman Bernanke said the central bank may reduce bond purchases later this year as the economy strengthens.

Asian stocks slumped the most in a month amid concerns a credit crunch in China is worsening and after Fed Reserve Chairman Bernanke said the central bank may reduce bond purchases later this year should the U.S. economy strengthen.

Sensex pulled back from day's low and closed in the positive terrain led by gains in metals, oil & gas and realty sector stocks. The recovery in the European markets ahead of the US Fed Reserve meet provided support to the benchmarks. FII selling in the bonds segment has led to Rupee weakening to record low levels above 58 level. This along with profit-booking due to lack of any positive triggers, market is facing resistance at higher levels, analyst said. Market is expected to open on a lower note and likely to remain under pressure during the day.

Source : Equity Bulls

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