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Mixed finish for US stocks

Capital Market 

amid worries

US stocks ended in a mixed mode on Wednesday, 07 March 208. An afternoon rally left the U.S. equity market little changed on Wednesday as investors contemplated the resignation of The index and the closed lower Wednesday as the resignation of top stoked fears of a war but the tech-laden Nasdaq bucked the trend to extend its winning streak to a fourth session.

The slid 82.76 points, or 0.3%, to 24,801.36. Earlier, the blue-chip gauge was off more than 300 points. The shed 1.32 points to 2,726.80. The Index rose 24.64 points, or 0.3%, to 7,396.65.

were big losers as sank nearly 2% on worries about mounting friction.

Concerns about the prospect of a global trade war, prompted by Trump's plan to introduce tariffs on and aluminum imports, intensified as Cohn had opposed the tariff proposal and was widely viewed as having a moderating influence within the Still, some of the selling pressure eased following the release of the Federal Reserve's beige book, which emphasized modest economic growth and moderate inflation, helping the indexes to bounce off intraday lows.

The ICE U.S. Dollar Index was up less than 0.1% on Wednesday. Commodities priced in dollars often trade inversely with the buck, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

Among U.S. economic data on Wednesday, the employment report revealed that employers added a more-than-expected 235,000 jobs in February. Separate data showed that the trade deficit climbed 5% in January and hit a nearly 10-year high and U.S. productivity in the fourth quarter was revised to show no gain instead of a 0.1% decline. Updated numbers show that the fourth-quarter productivity was flat and unit labor costs were raised to 2.5% from 2%.

Overseas, Asian equities sold off on Wednesday, but European shares advanced, with Germany's DAX setting the pace. All eyes will be on the meeting on Thursday, especially Mario Draghi's post-decision press conference. Any sense that the central might dial back its ultra-accommodative policy measures could lead to a knee-jerk reaction in the

Bullion prices ended lower at Comex on Wednesday, 07 March 2018. Gold finished firmly lower on Wednesday, giving back roughly half of what it gained a day earlier, pressured by upbeat February data on U.S. private sector jobs as the dollar tried to rebound from a decline in the previous session.

April gold was at $1,325.50 an ounce in electronic trading. It had fallen $7.60, or 0.6%, to settle at $1,327.60 an ounce on Wednesday. The contract has been volatile in recent days considering that gold prices had closed at their lowest levels of the year just last Thursday. May silver fell 29 cents, or 1.7%, to $16.494 an ounce.

dropped by more than 2% on Wednesday, 07 March 2018 as concerns surrounding a possible trade war intensified and data revealed a fresh weekly record for domestic crude production. The on Wednesday reported a second straight weekly climb in U.S. crude inventories, but the size of the climb nearly matched market expectations, defying a much larger rise reported by a trade group a day earlier.

April Intermediate crude lost $1.45, or 2.3%, to settle at $61.15 a barrel on the Prices, which posted gains in the last three sessions, had initially pared losses shortly after the supply data. May Brent crude, the global oil benchmark, fell $1.45, or 2.2%, to $64.34 a barrel on the exchange. EIA reported U.S. crude inventories increased 2.4 million barrels last week. Estimates called for a build of around 2.7 million barrels.

Elsewhere, U.S. Treasuries alternated between gains and losses on Wednesday, finishing little changed; the 10-yr yield climbed one basis point to 2.88%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 11:23 IST