Mon, Jul 29, 2013 11:32 AM EDT 0:55
Stocks on Wall Street showed weakness as investors appeared wary at the outset of a week packed with data and central bank meetings. Investors are looking ahead to Wednesday?s statement from the Federal Reserve for clarity on when the Fed will begin to pare its $85 billion in monthly bond purchases. President Barack Obama has narrowed his choices to succeed Federal Reserve Chairman Ben Bernanke to "some extraordinary candidates" and will announce his pick "over the next several months," The White House says President Barack Obama is not expected to name a new chairman of the Federal Reserve until the fall, lowering expectations for an imminent announcement. The president's pick is highly anticipated, given the Fed chairman's impact on economic policy.