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US stocks end lower
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IANS | 13 Aug, 2019
US stocks ended lower, as the market was sunk by growing worries about
the prospects of US economic growth and worsening US-China trade
frictions.
The Dow Jones Industrial Average fell 391.00 points,
or 1.49 per cent, to 25,896.44 on Monday. The S&P 500 decreased
35.96 points, or 1.23 per cent, to 2,882.70. The Nasdaq Composite Index
dropped 95.73 points, or 1.20 per cent, to 7,863.41, Xinhua reported.
All
of the 11 primary S&P 500 sectors traded lower around market close,
with the financials sector down over 1.9 per cent, leading the losers.
Shares
of Occidental Petroleum fell over 4.5 per cent, after Evercore rated
the US energy giant "in-line," saying that the company's acquisition of
Anadarko Petroleum caused the valuation of Occidental Petroleum to have
declined.
The yields of both long-term and short-term US treasury
bills plunged on Monday, with the benchmark 10-year bill's yield
sliding to a bit over 1.64 per cent after market close. That widened its
spread with the 3-month note's yield, which stood at nearly 1.99 per
cent, thus forming an inverted curve and stoking fears of a potential
recession.
The Cboe Volatility index, widely considered the best
fear gauge in the stock market, increased 17.36 per cent to 21.09 on
Monday.
Goldman Sachs also cut back its growth forecast for the
fourth quarter by 20 basis points to 1.8 per cent, as the leading
investment bank raised its "estimate of the growth impact of the trade
war," said Jan Hatzius, a chief economist of the bank, in a note on
Sunday.
"The drivers of this modest change are that we now
include an estimate of the sentiment and uncertainty effects and that
financial markets have responded notably to recent trade news," Hatzius
noted.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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