Wall Street closes down as banks fall
InvestingOnline.com
19/07/2018, 22:13US stocks market fell on Thursday as investors watched with concerns Donald Trump’s comments on interest rates hike. Banks also declined on remarks and consolidation.
Us president Donald Trump criticized the Federal Reserve and its policy on hiking interest rates. “I’m not thrilled,” talking about interest rates hikes. “Because we go up and every time you go up they want to raise rates again. I don’t really — I am not happy about it. However, at the same time, I’m letting them do what they feel is best.”
On this framework, US stocks traded lower fueled by banks’ shares. Investors were concern on a change in the contractive monetary policy. A change that would have a potential impact on banks’ profits. The same happened with the dollar as investors stopped buying dollars on concerns about interest rates differentials.
The Dow Jones Industrial Average lost 134.79 points, or 0.53%, on the day to close Thursday at 25,064.50. The S&P 500 dropped 11.13 points or 0.40% to finish the session at 2,804.49. The Nasdaq Composite declined 29.14 points or 0.37% to end at 7,825.29.
Despite major indexes closed down on the day, most sectors closed Thursday up for the day. Industrials advanced 0.84% on the session, utilities rose 0.66%, and the consumer staples put 0.46% gains. ON the other side, telecommunication service was the worse performer with a 0.69% decline, materials followed with 0.20% losses, and financials that dropped 0.19%.
On the forex sphere, the Dollar index broke the 95.50 level, and it reached a fresh 1-year high. However, the greenback wasn’t able to sustain gains, and it declined to the 95.00 level. The DXY is now trading 0.07% at 95.15.
