-
Tips for becoming a good boxer - November 6, 2020
-
7 expert tips for making your hens night a memorable one - November 6, 2020
-
5 reasons to host your Christmas party on a cruise boat - November 6, 2020
-
What to do when you’re charged with a crime - November 6, 2020
-
Should you get one or multiple dogs? Here’s all you need to know - November 3, 2020
-
A Guide: How to Build Your Very Own Magic Mirror - February 14, 2019
-
Our Top Inspirational Baseball Stars - November 24, 2018
-
Five Tech Tools That Will Help You Turn Your Blog into a Business - November 24, 2018
-
How to Indulge on Vacation without Expanding Your Waist - November 9, 2018
-
5 Strategies for Businesses to Appeal to Today’s Increasingly Mobile-Crazed Customers - November 9, 2018
Wall Street falls sharply on oil drop, global growth worries
Energy stocks posted the biggest gains, rising to the highest level since November, as oil advanced before US government data forecast to show crude stockpiles dropped for a third week. Treasuries rose, sending the 10-year yield to 1.71 percent. Wall Street’s preferred measure of market uncertainty has remained very low by historical standards for the past three months. Its dollar-priced stocks were down 1.5 per cent on the day but up nearly four percent on the week and set to make eastern Europe the world’s top performing region.
Advertisement
Drugstore operator Walgreens rose 5 percent and its acquisition target Rite Aid was up 3.6 percent after the New York Post said there were signs the FTC would approve the deal. The Dow is up 53.52 points or 0.3% at 17,991.80, the Nasdaq is up 9.98 points or 0.2% at 4,971.73 and the S&P 500 is up 4.83 points or 0.2% at 2,116.96.
Even with the reversal in major indexes on Thursday, all three major indexes are on track to finish the week higher and the S&P 500 is 17 points away from its record intraday high.
Investors looked past weakness in the labor market to focus on comments from Fed Chair Janet Yellen that indicate she’ll only raise rates gradually as growth remains moderate.
The company said it wants to beam high-speed internet to homes (http://www.marketwatch.com/story/alphabet-explores-beaming-high-speed-internet-into-homes-2016-06-08), using technology that it says is cheaper than laying cables.
The MSCI Emerging Markets Index rose 1.8 percent, the most since March 30 on a closing basis. Japan’s Nikkei 225 Index advanced by 0.9 percent, while Hong Kong’s Hang Seng Index edged down by 0.1 percent. The tech-laden Nasdaq Composite Index closed at 4,942.52, losing 0.6%. South Korea’s Kospi climbed 1.3 percent.
Spot gold pulled back 0.3 per cent on Friday to $1,264.93 an ounce, after climbing as high as $1,271.31 overnight. It’s now at a seven-month high, having ended Monday more than 20 percent above its January low.
In the oil sector, Inpex is higher by more than 3 percent and JX Holdings is adding more than 1 percent after crude oil prices extended gains. On the Nasdaq, 2,007 issues fell and 340 advanced.
The dollar declined against most major currencies as traders took Yellen’s latest words to mean US policy makers aren’t in a hurry to raise interest rates.
United Natural Foods gained 14 per cent after boosting its annual earnings and sales forecasts. WTI crude rose 2.2% to $49.69 a barrel, settling at its highest level since July 21. Earlier in the day, the 10-year government bond yield dropped to minus 0.140 percent.
Advertisement
The euro eased as low as $1.1295 from a four-week high of $1.1416 set on Thursday, but is poised for a weekly decline of 0.6 percent. The index hit a record high of 2,134.72 in May previous year.