Tue, 16 Jul 2019

Sellers storm Wall Street, all indices fall sharply

By Jay Jackson, Sacramento News
23 Mar 2019, 07:20 GMT+10

NEW YORK, New York - Equity markets tumbled, bond markets rose, and the U.S. was bought up against the euro, but sold off against the yen and the British pound.

It was a crazy day on Wall Street on Friday, with the major indices taking their cue from Europe where there were widespread losses across the board.

The purchasing-managers-index readings across Europe came in weaker than expected, precipitating a sell-off in European shares, and the euro.

At the close of trading on Friday, the Dow Jones industrials were sharply lower, down 460.19 points or 1.77% at 25,502.32.

The Standard and Poor's 500 gave up 54.17 points or 1.90% at 2,800.71.

The Nasdaq Composite fared worst of all in percentage terms, losing 196.29 points or 2.50% at 7,642.67.

The euro in late trading in New York on Friday was battling to save the 1.1300 handle, having slipped below that level several times throughout the day. It managed to close around 1.1301.

The British pound was stronger at 1.3211, while the Japanese yen rallied to 109.94. The Swiss franc was little changed at 0.9934.

The Canadian dollar weakened sharply to 1.3429. The Australian dollar eased to 0.7098.

The New Zealand dollar was slightly weaker at 0.6876.

In overseas equity markets, London's FTSE 100 sank 2.01%. The German Dax declined 1.61%, while the Paris-based CAC 40 surrendered 2.02%.

Stocks in Asia drifted on Friday, in a lacklustre close to the week.

The Australian All Ordinaries was the only mover of any substance, and even it only managed a rise of 27.40 points or 0.44% to a 6,280.90 close.

Tokyo's Nikkei 225 climbed 18.42 points or 0.09% to 21,627.34 by the close.

In China, the Shanghai Composite was virtually unchanged, up 2.69 points or 0.09% at 3,104.15.

At the close of trading in Hong Kong, the Hang Seng traded up 41.79 points or 0.14% at 29,113.35.38.

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