Wall Street softens at Thursday close as oil prices slump

The Sydney News.Net Friday 21st October, 2016

wall street softens at thursday close as oil prices slump

NEW YORK, New York - U.S.stocks lost ground on Thursday as the dollar shot higher, sending energy stocks, and oil prices lower.

The European central bank left interest rates unchanged as expected however a statement from the ECB suggested monetary stimulus may still be required for a while longer.

US 10 year treasury yields were little changed at 1.75%, fluctuating between 1.72% and 1.77% following the ECB statement. The 2 year yield was a notch higher, rising from 0.80% to 0.82%

At the close of trading Thursday the Dow Jones industrials were down 40.27 points or 0.22% at 18,162.35.

The Nasdaq Composite was off 4.58 points or 0.09% at 5,241.83.

The Standard and Poor's 500 lost 2.95 points or 0.14% at 2,141.34.

Oil prices dropped by around 2.5% as the U.S. dollar rose to four-month highs against the euro, and reigned supreme over a range of currencies.

Around the New York close Thursday the euro had wilted to 1.0927. The Japanese yen was little changed at 103.96, while the British pound was a tad stronger at 1.2251. The major mover was the Australian dollar which dropped more than a cent, its fall exacerbated by disappointing employment data released in Sydney on Thursday. The Australian dollar was trading early Friday in Sydney at 0.7626. The Swiss franc weakened to 0.9924 while the Canadian dollar fell to 1.3230. The New Zealand dollar weakened to 0.7190 in early Sydney trade on Friday.




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