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U.S. stocks hit the skids again, Dow Jones drops 112 points

admin by admin
March 11, 2022
in Uncategorized
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NEW YORK, New York – With inflation now pushing a forty-year high there is little doubt the Federal Reserve will start increasing interest rates soon.

Markets were mostly disappointed however with the lack of progress in diplomatic talks involving the Ukraine and Russian foreign ministers. Both sides reported little progress and no immediate prospect for a ceasefire.

“The violent gyrations of the market seem completely attached to Ukraine-Russia peace talks and the subsequent volatility of energy costs,” Timothy Lesko, senior wealth advisor at Mariner Wealth Advisors told CNBC Thursday.

“The fall in commodity prices seemed to trigger a relief rally that is unwinding a bit as peace talks seemed fruitless.”

U.S. stocks reversed gains of a day earlier, falling across the board on Thursday, although losses were limited.

The Dow Jones Industrial Average fell 112.18 points, or 0.34 percent, to 33,174.07.

The Standard and Poor’s 500 dropped 18.36 points, or 0.43 percent, to 4,259.52.

The Nasdaq Composite did worst, declining 125.58 points, or 0.95 percent, to 13,129.96.

The situation was worse in Europe where the German Dax tumbled 2.93 percent. In Paris, the CAC 40 shed 2.83 percent. London’s FTSE 100 was down 1.27 percent.

Japan’s Nikkei 225 surged 972.87 points or 3.94 percent to 25,690.40.

The Australian All Ordinaries advanced 87.60 points or 1.19 percent to 7,419.40.

The S&P/NZX 50 added 141.13 points or 1.20 percent to 11,926.26.

In South Korea, the Kospi Composite rose 57.92 points or 2.21 percent to 2,680.32.

China’s Shanghai Composite rose 39.70 points or 1.22 percent to 3,296.09.

In Hong Kong, the Hang Seng advanced 262.55 points or 1.27 percent to 20,890.26.

The U.S. dollar regained its footing against the major Thursday but struggled against the commodity bloc.

The euro fell back to 1.0988 by the New York close Thursday. The British pound slipped to 1.3084. The Japanese yen weakened to 116.12, a one-month low. The Swiss franc fell to 0.9303.

Conversely, the Canadian dollar strengthened to 1.2768. The Australian dollar gained to 0.7360. The New Zealand dollar firmed to 0.6867.

[Read More…]

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