Wall Street Falls Back on Banks and Tech Stocks
Wall Street closed on a slump on Thursday i.e. on 29th of November with a backlash from financial and tech stocks that overshadowed gains from the Federal Reserve’s report showing that the central bank is debating whether to halt interest rates.
The Dow Jones fell 0.11% to 25,338 points, the S & P 500 lost 0.22 % to 2,737 points and the Nasdaq fell 0.25 % to 7,273 points.
Wall Street closed with mild losses led by technology and financial stocks, erasing previous gains underpinned by Federal Reserve minutes that showed the central bank opened the debate on when to stop raising interest rates.
The Minutes Of The Corporate Companies
The minutes showed that nearly all Federal Reserve officials at the last meeting agreed that another interest rate increase was “likely to be justified very soon,” but also addressed a number of issues that begin to weigh on his view of the economy. The disclosure brought brief relief from stock pickings but gains were lost before closing.
- Minutes from the November meeting showed that almost all the Fed authorities agreed that another interest rate increase could be justified very soon but also marked a number of issues that had begun to weigh on their vision of the economy.
- The publication of the minutes made the actions momentarily rise but the advances faded as the closing session approached. Wall Street rose on Wednesday after Fed chairman Jerome Powell said that the monetary tightening cycle may be nearing completion.
- The nervousness of the trade dispute between the United States and China continued to worry investors who expect Presidents Donald Trump and Xi Jinping to meet on Saturday in the framework of the G-20 summit to discuss the matter. Trump sent disparate signals about a possible trade agreement between the two largest economies in the world.
Falls Back On Banks And Tech Stocks
- The Dow Jones Industrial Average lost 27.59 points, or 0.11 %, to 25,338.84 units, and the S & P 500 Index fell 5.99 points, or 0.22 %, to 2,737.8 units. The Nasdaq Composite Index lost 18.51 points, or 0.25 %, to 7,273.08 units.
- Technological stocks were the main drag of the three benchmarks with a 0.95 % drop in the sector’s index in the S & P 500. Financial papers, sensitive to movements in interest rates, fell by 0.8 %.
- Twitter Inc shares fell 4.4 % after a report by Politico that Fox News is boycotting the social network seemed to feed fears of a broader reaction.