STOCKS SLUMP: Here's what you need to know

Louis Stenmark of New South Wales falls over on the finish line in the mens U18 400m during the Sydney Track Classic. Cameron Spencer/Getty Images

The Australian market coasted to a weak close, ending a three session winning streak, as investors wait for a sign from Wall Street on whether or not the US Fed will move this week to raise interest rates or leave it for later in the year.

Here’s the scoreboard:

  • S&P ASX 200: 5,948.50 -34.19 (-0.57%)
  • All Ordinaries: 5,921.50 -33.35 (-0.56%)
  • AUD/USD: 0.7884 +0.0027 (+0.34%)

In the US, the S&P 500 index closed down 0.4%.

On the local market, nine out of ten sectors were weaker, led by healthcare. CSL lost 1.63% to $93.73 and ResMed 3.9% to $8.13.

The miners lost some of their gains of the last two sessions, with Rio Tinto down 1.64% to $58.79 and BHP 0.46% to 32.42. The iron more miners also dipped with Fortescue closing 4.67% weaker at $2.45.

The banks were all in negative territory, led by Westpac at $38.39, down 1.18%.

The top stories Tuesday:

1. Iron ore blues. While prices have been rising strongly, now is not the time to bet on an iron ore recovery.

2. Glenn Stevens. There’s a huge hint in the RBA Governor’s speech today that he is worried about low rates.

3. Vitamin exports. Blackmores expects a record full year profit, partly on the back of expanding business in Asia, after posting a 75.8% rise in profit to $31 million for the nine months to the end of March. Its shares closed up 0.34% o $59.65.

4. Virgin appoints its first woman chairman. Elizabeth Bryan takes the chair at Virgin Australia, working relationships with institutional investors.

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