ll, it was good while it lasted. Wall Street getting walloped Tuesday, giving back all of the monster gains seen Monday. Stocks down four of the last five sessions.>> I'm Conway Gittens in New York. While talk of a Federal Reserve rate hike in September has died down, global bond markets are pushing interest rates higher and so it's getting more expensive to borrow money, no matter what the Federal Reserve does next week.
And that's leading some to worry that could choke off global economic growth. Financial stocks like American Express and Goldman Sachs getting hammered. Wells Fargo which has seen its pristine image tarnished by employees opening up bogus accounts to boost aggressive sales targets, falling after House Democrats call for an investigation.
But it's not just the financials, oil stocks are the biggest market losers, The International Energy Agency warning Tuesday a glut in supply will continue to outstrip demand into the first half of next year. That follows up a similar surprise warning from OPEC one day earlier. That one two punch, knocking down energy stocks like Chevron and Exxon-Mobil.
The drop on Wall Street ignoring good news for everyday Americans. The US poverty rate last year seeing its biggest drop in 16 years. Thanks to the first significant boost to annual household incomes since the financial crisis.