Home Business Wall Street shatters again as China trade fears revive

Wall Street shatters again as China trade fears revive

[ad_1]

NEW YORK, New York – There was no hesitation on Friday, as sellers took charge sending the major indices down as much as 3%.

In what has been a torrid week, the Dow Jones recorded a weekly loss of 4.5%, the Standard and Poor’s 500 4.6% and the Nasdaq Composite 4.9%.

Selling bouts have held sway over most of the week, as investors dismissed prospects of a resolution on U.S.-China trade differences, despite a Trump-Xi Jinping pact hastily put together at the G20 in Buenos Aires, Argentina last weekend, and concerns over whether the Federal Reserve will continue tightening or not.

“It’s a crisis of confidence on the trade situation, what’s going to happen there, and maybe a little bit of a crisis of confidence in the Fed, given how quickly they have got to change their tune,” Walter Todd, Chief Investment Officer at Greenwood Capital Associates in Greenwood, South Carolina, told the Reuters Thomson news agency.

At the close of trading Friday, the Dow Jones industrials had shed 558.72 points or 2.24% to 24,388.95.

The Standard ands Poor’s dived 62.87 points or  2.33% to 2,633.08.

The tech-laden Nasdaq Composite did worst of all, losing 219.01 points or 3.05% to close at 6,969.25 Friday.

U.S. jobs growth, and wages growth both slowed in November, according to data released on Friday.

“People were expecting a stronger labor market report,” Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis was quoted by Reuters Thomson as saying. “It was a little bit weaker on the margin but nonetheless it’s going to give the Fed some food for thought as they … debate how they’re going to shape policy for the upcoming year.”

The U.S. dollar fell against the euro Friday. By the close the EU unit was fetching 1.1411.

The British pound, was weaker, seeing out the week at 1.2742.

The Japanese yen was little changed at 112.63, while the Swiss franc firmed to 0.9895.

The Canadian dollar weakened to 1.3313.

The Australian dollar dropped a third-of-a-cent to finish the week at 0.7206.

The New Zealand dollar was unchanged at 0.6861.

In overseas equity markets, Londons’s FTSE 100 gained ground, to close 74.06 points opr 1.10% higher at 6,778.11.

The German Dax fell 22.89 points or 0.07% to 10,788.09.

The Paris-based CAC 40 added 32.68 points or 0.68% to 4,813.13.

In Asian markets:

In Japan, the Nikkei 225 rallied 177.26 points or 0.82% to close at 21,678.68.

In Australia, the All Ordinaries added 21.20 points or 0.37% to 5,757.90.

The Shanghai Composite rose just 0.71 of a point or 0.03% to 2,605.89.

In Hong Kong, the Hang Seng fell 92.62 points or 0.35% to 26,063.76.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Enter Captcha Here : *

Reload Image

Must Read

Why everyone is talking about energy storage | MNN

Ever since governments started getting serious about developing renewable energy, naysayers have been arguing that it's a pipe dream — after all, the...

Give charities free ad space on your smartphone’s lock screen with Screen Donor

This app gives free ad space to deserving charities and NGOs on one of our tech-centric culture's most commonly seen screens - our...

Tropicana 100% Juice 3-Flavor Fruit Blend Variety Pack, 10 Fl Oz, Bottles, (Pack of 24)

Price: (as of - Details) Now you can enjoy the refreshing taste of Tropicana’s Fruit Medley, Pineapple Peach Mango and Strawberry Orange Juice...

Cell phones and screens are keeping your kid awake

For children and teens, using cell phones, tablets and computers at night is associated with losing sleep time and sleep quality, new research...
Support