Wall Street collapses as investors fear a recession
>> Wall Street Closes Abruptly, Taking advantage of Washington's Break from Beijing
>> Wall Street weakens from fears about the global economy
The New York Stock Exchange appeared at the end of a difficult week.
Photo: AFP / VNA / CVN
Nasdaq, with a strong technological color, rose 1.67% to 7,895.99 points. The broad index of the S&P 500 gained 1.44% to 2888.68 points. New York Stock Exchange indices dropped for the third consecutive week this week: Dow Jones yielded 1.53%, Nasdaq 0.8%, and S&P 500 1.03%. Wall Street plunged into the red Wednesday, August 14, and the Dow had its worst meeting of the year as a wave of panic hit the stock market.
Interest rates on 10-year US Treasuries have temporarily fallen below those of two-year accounts, a phenomenon known as the "yield curve inversion" and is generally considered a leading indicator of recession, but on Friday, August 16, the New York Stock the stock market is growing, with the 11 sub-indices representing the various sectors of the S&P 500 ending in green. The banking sector was one of the main beneficiaries of the recovery with a 1.9% increase in the financial sub-index. Bank of America gained 3% and Citigroup grew 3.5%.
"The instability continues, but I don't think it's the beginning of a trend", said Maris Og of Tower Bridge Advisers. "The market is still facing disappointing quarterly results, especially in the industrial sector, but also the impact of US tariffs and the slowdown in Europe and China," continued Mme Ogg. The market has absorbed a number of conflicting economic data released in recent days about the health of the US economy.
On Friday, Aug. 16, a preliminary evaluation of a study by the University of Michigan showed that consumer confidence in the United States declined sharply in August due to concerns about trade tensions. The previous day, the Federal Reserve released data showing a decline in industrial production in July, but the Department of Commerce reported a jump in retail sales.
General Electric is recovering
Investors were also looking for any development in the Beijing-Washington trade war. On Friday, August 16, President Trump's senior adviser on trade, Peter Peter Navarro, said trade talks with China "walked forward. " However, Navarro accused Beijing of "cutting its prices and depreciating its currency by 12 percent" to thwart tariffs imposed by the Trump administration.
Among the major shares that General Electric recovered after a black session, the group was accused of whistleblowing its accounts and hid tens of billions of dollars in losses. Accusations the group formally denied. GE's performance, boosted by the acquisition of more than 250,000 shares by Lawrence Group's CEO, has risen by nearly 10%. The Nvidia semiconductor manufacturer's headline grew 7.3% after better-than-expected quarterly results.
Tractor manufacturer Deere increased its stake by 3.9%, despite quarterly results below expectations. In the bond market, the interest rate on the 10-year US debt, which fell to its lowest level in three years on Thursday, August 15, rose to 1.56% around 20:45 GMT.
AFP / VNA / CVN