Sat, 22 Feb 2020

Wall Street drops, Dow loses 173 points

Lola Evans
21 Aug 2019, 07:49 GMT+10

NEW YORK, New York - The rally on Wall Street ran out of steam on Tuesday, with all the major indices closing in the red.

It was the end of a 3-day rally which followed a roller-coaster week.

The only news on the horizon is the upcoming speech from Federal Reserve Chairman Jerome Powell at Jackson Hole.

"Everyone is waiting for Jackson Hole," Jim Awad, senior managing director at Clearstead Advisors in New York told the Reuters Thomson news agency on Tuesday. "It's a wait-and-see attitude until Friday."

Profit-taking hit the U,S. dollar against the major currencies, however the commodities bloc failed to tag along.

The Dow Jones Industrial Average sank 173.35 points, or 0.66%, to 25,962.44 Tuesday.

The Standard and Poor's 500 fell 23.14 points, or 0.79%, to 2,900.51.

The Nasdaq Composite shed 54.25 points, or 0.68%, to 7,948.56.

The euro rose to 1.1101, while the British pound was sharply higher at 1.2166.

The Japanese yen firmed to 106.26, while the Swiss franc advanced to 0.9776.

The Canadian, Australian and New Zealand dollars however were little changed, at 1.3320, 0.6778 and 0.6414 respectively.

In London, the FTSE 100 fell 0.90%. The German Dax closed 0.55% lighter, while in Paris, the CACX 40 dipped 0.50%.

On Asian markets Tuesday, the Nikkei 225 was ahead 114.00 points or 0.55% at 20,677.22.

The Shanghai Composite was down 3.09 points or 1.11% at 2,880.00.

The Australian All Ordinaries rose 76.90 points or 1.17% to 6,627.40.

In Hong Kong, the Hang Seng slipped 34.46 points or 0.36% to 26,287.38.

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