Monday, June 17, 2024

US stocks post fourth straight day of losses…and Dow Jones erases year’s gains

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US stocks post fourth straight day of losses…and Dow Jones erases all gains for the year

A day after the Federal Reserve raised funds rates by twenty-five basis points, U.S. stocks continued to slide for a fourth straight day, sending their major indexes into the red and the Dow Jones Industrial Average losing all of its gains. Achieved by 2023.

A decline in regional bank share prices put pressure on U.S. indexes as Pac-West Bankcorp came close to joining the list of the nation’s failed banks during Thursday’s trading, losing more than 50% of its value less than a week after the collapse. First Republic Bank was acquired by JP Morgan Chase.

Regional Banks ETF (KRE) fell more than 5% during Thursday’s trading.

In Thursday trading, the Dow Jones Industrial Average lost 0.86% of its value, the S&P 500 fell 0.72%, while the Nasdaq lost nearly half a percentage point of its value earlier in the day.

By the end of the day’s trading, the Dow Jones Industrial Average was 0.06% below its value at the beginning of the year, under pressure from Boeing and Disney, Goldman Sachs and American Express shares.

In Europe, European shares traded lower on Thursday as the European Central Bank eased the pace of raising interest rates, and shares in Swedish construction giant Skanska fell on a slump in its profits, despite signs of more cash crunch ahead. , due to high inflation and interest rates. .

The Stoxx 600 index of European shares fell 0.5%, near a one-month low hit earlier in the week.

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The European Central Bank raised interest rates by 25 basis points, the lowest rate since it began raising them last summer, bringing the benchmark for borrowing in the 20-nation eurozone to 3.25%.

Oil futures settled on Thursday were similar to Wednesday’s settlement after the European Central Bank decided to slow the pace of raising interest rates, but prices fell more than 9% on the week. , due to fears of reduced demand in major consuming countries.

Brent crude was up 17 cents, or 0.24%, at $72.50 a barrel, while US West Texas Intermediate crude was down four cents, or 0.06%, at $68.56.

Oil prices fell this week on signs of a slowdown in the U.S. economy and weaker output growth in China, the world’s biggest oil importer, and fell further after the U.S. Federal Reserve raised interest rates to record highs on Wednesday, Reuters reported. Since 2007.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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