You are here: Home » News-CM » International » Market Report
Business Standard

US Stocks extend losses

Capital Market 

The US stocks closed lower on Tuesday, 23 February 2021, as investors continued to book recent profit amid concerns about the impact of the recent increase in treasury yields and on caution ahead of Congressional testimony by Federal Reserve Chair Jerome Powell.

At the close of trade, the Dow Jones Industrial Average index rose 27.37 points, or 0.09%, to 31,521.69. The S&P500 index fell 30.21 points, or 0.77%, to 3,876.50. The tech-heavy Nasdaq Composite Index dropped 341.41 points, or 2.46%, to 13,533.05.

The sell-off came as the yield on the benchmark ten-year note saw further upside on the day, reaching its highest closing level in a year. The yield on the benchmark 10-year US Treasury note is around 1.37%, its highest in a year, having doubled in the space of six months.

US lawmakers will debate on President Joe Biden's proposed $1.9 trillion American Rescue Plan act this week.

Also, Federal Reserve chairman Jerome Powell will deliver testimony to the Senate Banking and House Financial Services Committees and investors are expected to look for any potential changes to the central bank's dovish outlook in recent months.

Shares of Apple Inc, Microsoft Corp, Alphabet Inc, Tesla Inc and Inc resumed their slide from the previous week, falling between 0.9% and 5%.

ECONOMIC NEWS REPORTS: In U. S. economic news, the Conference Board released a report showing a bigger than expected increase by its index of leading U. S. economic indicators in the month of January. The Conference Board said its leading economic index climbed by 0.5% in January after rising by an upwardly revised 0.4% in December.

Powered by Capital Market - Live News

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 08:38 IST