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US stocks close mixed on US data, Fed statement
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IANS | 07 Nov, 2019
US stocks ended mixed on
Wednesday, with the Dow little changed, as Wall Street digested
decreased US labour productivity in the third quarter and a speech of
Chicago Federal Reserve President Charles Evans.
The Dow Jones
Industrial Average was down 0.07 points, or 0.0003 per cent, to
27,492.56 on Thursday. The S&P 500 increased 2.16 points, or 0.07
per cent, to 3,076.78. The Nasdaq Composite Index decreased 24.05
points, or 0.29 per cent, to 8,410.63, Xinhua reported.
Seven of
the 11 primary S&P 500 sectors traded higher around market close,
with the health care sector up 0.56 per cent, leading the winners.
Shares
of CVS Health rose 5.36 per cent, after the healthcare giant reported
higher-than-expected earnings for the third quarter, as driven by its
strong health insurance business.
Shares of Wendy's fell 0.34 per
cent, after the company posted third-quarter earnings that beat market
estimates. The fast food restaurant chain also raised its full-year
outlook for growth.
Evans said during a Wednesday event that the
US central bank's interest rate cuts have not been adequate to "change
the dynamics substantially if there was a big negative shock".
"In
terms of the mid cycle adjustment, I would say it's very much a risk
management approach to ensuring the U.S. economy is positioned as well
as it can be," he said at the Council of Foreign Relations, a non-profit
think tank in New York City.
On the economic front, non-farm
business sector labour productivity fell 0.3 per cent in Q3, the Bureau
of Labor Statistics reported on Wednesday.
That's because output
increased 2.1 per cent and hours worked rose 2.4 per cent for the
quarter, indicating that American workers were less productive.
Labor
productivity, or output per hour, is calculated by dividing an index of
real output by an index of hours worked by all persons, including
employees, proprietors, and unpaid family workers.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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