US – The Dow Jones Industrial Average fell on Friday after the Federal Reserve’s decision to not extend a pandemic-era capital break for banks (temporary relief from capital-requirement rules for banks) stoked a rise in bond yields and a sell-off in financial stocks. – The S&P 500 Index weakened slightly on Friday. The S&P 500 banks index dropped 1.6%. Technology shares closed higher and Treasury yields retreated from the highest levels of the day as investors weighed the risk of inflation with economic growth accelerating. – Bond yields bounced off their lows after the announcement. The 10-year Treasury yield reversed higher before turning flat at 1.73%, hovering near its 14-month high at $1.742%. The benchmark rate started 2021 below 1%. – Dow Jones was down by 0.71% to close at 32,628 while the Nasdaq was up by 0.76% to close at 13,215 – S&P closed flat at 3,913 Europe -European stocks slipped on friday after the France imposed regional lockdown to curb the spread. Bank stocks led the sectorial decline -The pan-European STOXX 600 fell 0.8%, with France’s CAC 40 dropping 1.1% after the nation imposed a new four-week lockdown from Friday. -DAX and FTSE were down by 1.05% each. -European stocks still gained 0.2% for the week as a rally in automakers and signs that the U.S. Federal Reserve will maintain low interest rates despite an expected surge in economic growth outweighed concerns about rising yields – Asia – Asian stocks started the week mostly lower with investors fretting over bond yields and inflation as economic activity picks up. Turkey’s lira tumbled after the central-bank head was replaced. – U.S. equity futures fluctuated. MSCI Inc.’s Asia Pacific gauge slipped as shares in Japan and South Korea declined, while Australia’s index climbed. The Turkish lira slumped as much as 15% in early Asian trading after President Erdogan removed the central-bank governor following a sharper-than-expected hike in interest rates. The dollar advanced against most Group-of-10 currencies. – Nikkei Index was down by 1.97% while Topix was down by 1.32% in early morning trade – ASX 200 Index (Australia) traded positive by 0.34% Oil – Oil rose more than 2% in volatile trading on Friday, but finished the week about 7% lower as a new wave of coronavirus infections dampened hopes that fuel demand would recover soon and the strengthening US dollar that hurts the value of oil. – Brent crude settled up $1.25 a barrel or 2%, at $64.53 a barrel. WTI U.S. crude rose $1.42 or 2.4%, to $61.42 – WTI futures were trading flat at $59.77 per barrel Gold – Gold traded up by 0.54% to close at $1,744 an ounce – Gold futures were flat at $1,734 an ounce in early morning trade.
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