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Markets Have Turned South

Sam RoJul 3, 2013, 00:19 IST

Google FinanceAfter spending most of the day up, the stock markets have moved lower.

The sell-off comes on no obvious news.

According to CNBC, New York Stock Exchange traders are getting worried about heightened tensions in Egypt where protestors are calling for the resignation of President Mohamed Mursi.

New York Fed president William Dudley is currently speaking Stamford, CT about monetary policy and the state of the economy.

Bloomberg quotes him saying that the Fed at times was "too optimistic" on its economic forecasts.

This comes after he reiterated the message of his peers that any change in monetary policy would be directed by the state of and outlook for the economy.