Axar.az
UP
21 October 2018


Dollar's post-Fed rally pauses, U.S. stocks edge lower

Home page World
12 Punto 14 Punto 16 Punto 18 Punto

The dollar and U.S. stocks dipped on Friday, taking a breather after this week's big moves on the Federal Reserve's signal for a faster pace of U.S. interest rate increases next year.

Axar.az reports citing to Reuters, U.S. Treasury debt yields inched higher, continuing a weeks-long trend. Markets appeared to be adjusting for what is expected to be a quiet holiday period for economic data.

"We took direction from the Fed but over the next couple of weeks we'll see some more cleaning up of positions heading into the year-end," said Tom Simons, money market economist at Jefferies & Co in New York.

Bond yields have surged and the dollar has rallied since the Fed on Wednesday raised rates for the first time in a year and its forecasts showed three more rate increases in 2017. The dollar has since strengthened to almost parity with the euro.

U.S. stocks, which fell on Wednesday following the Fed meeting but bounced back on Thursday, were mostly down slightly on Friday.

The Dow, though, continued to march toward 20,000, a level it has never breached.

The Dow Jones industrial average was up 19.77 points, or 0.1 percent, to 19,872.01, the S&P 500 had lost 2.5 points, or 0.2 percent, to 2,258.31 and the Nasdaq Composite had dropped 7.40 points, or 0.14 percent, to 5,449.46.

World stocks as measured by the MSCI world equity index, which tracks shares in 46 countries, was barely higher.

European shares were last up 0.2 percent. Merger and acquisition speculation around drug maker Actelion and insurer Generali helped the benchmark index to set an 11-month high earlier in the session.

In the foreign exchange market, the dollar index, which measures the greenback against a basket of six major rivals, was last at 102.84, down 0.2 percent. It hit a 14-year high of 103.560 on Thursday.

In mid-morning U.S. trading, 10-year Treasury prices were down 4/32, yielding 2.593 percent, up from Thursday's 2.578 percent. On the week, 10-year yields have gained nearly 13 basis points.

In commodities, a strong dollar and signs of mounting supply in London Metal Exchange warehouses dragged copper prices lower. Other industrial metals also slipped.

Date
2016.12.16 / 21:59
Author
Axar.az
Comments
See also

Israeli arrests Palestinian intelligence chief

US-Led coalition's strikes kill civilians

3 blasts rock polling stations in capital of Kabul

Israel arrests 2 Palestinian fishermen off Gaza coast

Body parts found at L-39 crash site in Azov

Turkish NGO distributes bread in Syria's Idlib

Macedonian vote opens ways for an 'historic' name deal

One year since referendum crisis, Iraq's Kirkuk thrives

Rare lunar meteorite sells for $612,500 at auction

African billionaire abducted in Tanzania returns home

Latest
 
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla