Wall Street flags over 1% by the end on Italy, Saudi jitters

Economies.com
2018-10-18 21:43PM UTC

US stock indices closed the fourth session of the week sharply lower following earlier industrial and labor data from the US and after a batch of disappointing third-quarter earnings results. 

 

More over, the European Commission warned that Italy's budget seeking a deficit of 2.4% in 2019 is clearly violating European guidelines on 2% deficit ceilings, and otherwise, US Treasury Secretary Steven Mnuchin withdrew from a planned investment conference in Saudi Arabia as investigations progress into the disappearance of Saudi journalist Jamal Khashoggi.

 

Earlier US data showed the Philly Manufacturing Index down to 22.2 from 22.9, while unemployment claims fell 5 thousand in the week ending October 13 to 210 thousand, edging estimates of 211 thousand. 

 

Continuing claims fell 13 thousand to 1.640 million in the week ending October 6, as analysts expected 1.663 million. 

 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

 

Indices, Commodities 

 

Dow Jones fell 1.27%,, or 327.23 points to 25,379.45, while Standard and Poor's 500 swooned 1.44%, or 40.43 points to 2,768.78. NASDAQ Composite sank 2.06%, or 157.56 points to 7,485.14. 

 

Gold futures due in December rose 0.12% to $1,228.90 an ounce, while the dollar index rose 0.40% to 95.96, marking October 9 highs. 

 

US crude futures due in November fell 1.58% to $68.65 a barrel, marking September 14 lows, while Brent December futures dropped 0.90% to $79.33 a barrel, hitting September 24 lows. 

American Markets News

Americas News

Markets

Dow Jones rises ahead of US inflation data
2024-03-27 15:35PM UTC
Most US stock indices rose on Wednesday ahead of new important US data on growth and personal ...
Americas News

Markets

Wall Street gains ground following positive data
2024-03-26 15:41PM UTC
US stock indices rose on Tuesday after a series of losses as markets assess latest ...
Americas News

Markets

Wall Street loses ground as the week opens up
2024-03-25 16:16PM UTC
Most US stock indices declined on Monday as markets assess the Federal Reserve’s stance on ...