Photo of a sign pointing to Wall Street
(Archyde.com) – The New York Stock Exchange ended lower on Monday as news of picking up activity in the services sector fueled fears among investors who fear the Fed will hike rates sharply in its next meeting.
The Dow Jones index fell 1.40%, or -482.78 points, to 33,947.10 points. The broader Standard & Poor’s 500 lost -72.86 points, or 1.79% to 3,998.84 points. The Nasdaq Composite fell for its part by -221.56 points (1.93%) to 11,239.937.
Growth in U.S. services sector activity unexpectedly accelerated in November as sector employment rebounded, signs the economy is resilient despite rapidly rising interest rates .
“The job market is doing well, so we are in this strange period where good news is bad news,” comments Jonathan Waite, fund manager at Frost Investment Advisors.
In values, Tesla lost 6.37% following announcing that it wanted to reduce its Model Y production in December at its Shanghai site.
On the oil market, WTI stood at $77.31 (-3.33%) and Brent at $82.99 (-3.00%).
The dollar was up 0.75% once morest a basket of currencies a few minutes following the close of Wall Street, while the euro stood at 1.0487 dollars (-0.48%).
On the bond market, ten-year paper [US10YT=RR] took 8.7 basis points to settle at 3.5901%. His five-year-old counterpart [US10YT=RR]advanced 12.6 basis points to 3.7916%.
(Nicolas Delame)