Friday, January 27, 2023

Wall Street falls and crude oil rises after China lifts quarantine by COVID

by Sinead Carew and Nell MacKenzie

Nuevanew york,LondonDecember 27 – Wall Street’s benchmark S&P 500 index and Nasdaq fell on Tuesday, while oil prices rose after China announced it would lift its quarantine rule. covidThis is an important step toward re-opening our borders, for travelers arriving on COVID-19.

* The goods trade deficit for November narrowed to $83.35 billion from the previous month’s $98.8 billion, as US Treasury yields rose after economic data, while another report pointed to a continuing scramble in the housing market, as Home prices fell under rising mortgage rates.

* Crude oil resumed gains after hitting three-week highs as some US power facilities closed by winter storms while China made the latest easing of coronavirus restrictions covid-19 raised hopes of improvement in demand.

* On the first day of the holiday-shortened trading week, rising interest rates were weighing on technology stocks, according to Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.

“It’s the lack of someone who has the confidence to go in and buy now,” O’Rourke said, adding additional pressure came from a sharp decline in shares of electric car maker Tesla Inc.

* The Dow Jones Industrial Average was up 113.48 points, or 0.34%, at 33,317.41; The S&P 500 was down 5.67 points, or 0.15%, at 3,839.15; And the Nasdaq Composite was down 90.23 points, or 0.86%, at 10,407.64 units.

* Some markets such as London, Dublin, Hong Kong and Australia were closed during the day for Christmas celebrations.

* Pan-European Index STOXX Global gauge of stocks improved 0.1% to 600 MSCI It advanced 0.03%. has the largest index of MSCI Asia-Pacific excluding Japan shares closed up 0.53%, while Japan’s Nikkei rose 0.16%.

* The yield on the benchmark 10-year US Treasury bond rose 7.5 basis points to 3.822%; The 30-year note rose 9 basis points to 3.9116%; And two-year papers climbed 6.4 basis points to 4.387%.

* Dollar pared losses after China’s announcement, which also boosted risk-on currencies like the Australian dollar.

* The dollar index, which compares the greenback against a basket of six major currencies, fell 0.01%, while the euro rose 0.14% to $1.065. The yen was down 0.37% at 133.36 per dollar, while sterling was down 0.34% at $1.2019.

* Crude oil was up nearly 1% and gold was also improving on optimism about China’s measures. Spot gold was up 1.5% at $1,824.29 an ounce and US gold futures were up 1.09% at $1,815.50.

Nation World News Desk
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