Monday, December 11, 2023

Wall Street closed with losses and the Dow Jones fell 1.14% in its worst session since March

Wall Street It closed on Tuesday with losses and its main indicator, the Dow Jones Industrial Average, fell 1.14%, almost 390 points, recording the worst session since March.

At the close of operations on the New York Stock Exchange, the Dow Jones stood at 33,618.9 points and the selected S&P 500 lost 1.47%, to 4,273.5 points.

The Nasdaq index, which groups technology companies, lost a notable 1.57%, up to 13,063.6 units.

According to analysts, the stock market has no response to the weak data released today on home sales and consumer confidence in deer which reinforces fears of a recession.

Home sales in August fell to 675,000, 8.7% lower than the previous month, while the consumer confidence index fell in September to 103 points from 108.7 the previous month, in both cases worse. than estimated.

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With three more sessions left to end the month, everything seems to indicate that it is very negative: the Nasdaq has already lost a cumulative 6%, the S&P 500 4% and the Dow 2%.

Among the reasons for the widespread selling, in shares and debt, is that the Federal Reserve (Fed) did not explain its next steps in monetary policy and that investors expect a high rate environment for longer.

The top executive of JPMorgan Chase, Jamie Dimon, widely followed on Wall Street, in an interview published by The Times of India today defended the idea that the central bank should raise interest rates further to curb inflation. .

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In addition, investors are nervous about a possible shutdown of the Government on September 30 due to the lack of agreement on Congress for funding federal agencies.

All sectors fell, mainly public services (-3.05%), non-essential goods (-2.03%), real estate (-1.78%) and technology (-1.78%).

Among the companies listed on the Dow Jones, the most affected were Apple (-2.34%), IBM (-2.21%) and Honeywell (-2.07%).

Outside of that group, Amazon lost 4% after being sued by the US Government for alleged monopolistic practices.

In other markets, Texas oil rose to US$90.39 per barrel, and at market close the 10-year bond rose to 4.55%, gold fell to US$1,918.9 per ounce and the dollar gained against in euros, with an exchange rate. at 1.057.

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Nation World News Desk
Nation World News Desk
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