Lola Evans
17 May 2022, 06:22 GMT+10
NEW YORK, New York - Weak economic news out of China undermined stocks on Wall Street on Monday. The major indices had a wild ride with rallies being confronted by hoards of sellers. Major early gains evaporated as the day wore on.
"China data was kind of the morning overhang on the market, but it's trying to find its footing led by energy. You're seeing people rotate into the winners of the year so far, which are energy and utilities," Jay Hatfield, chief executive officer at Infrastructure Capital Management in New York told Reuters Monday.
"We think that a lot of sectors in the market are undervalued."
The Dow Jones was the only major to finish in front, albeit with a miserly 26.76 points or 0.08 percent gain to 22,223.42.
The Nasdaq Composite was the hardest hit index, tumbling 142.21 points or 1.20 percent to 11,662.71.
The Standard and Poor's 500 slipped 15.88 points or 0.79 percent to 4,008.01.
On overseas equity markets, the Dax in Germany fell 0.45 percent. The Paris-based CAC 40 dipped 0.23 percent. In London, the FTSE 100 advanced 0.63 percent.
On foreign exchange markets, the U.S. dollar weakened marginally, except against the Japanese yen.
The euro edged up to 1.0430 around the New York close Monday. The British pound gained to 1.2314. The Swis sfranc was unchanged at 1.00276.
The Canadian dollar firmed to 1.2850. The Australian dollar was nearly a cent higher at 0.6971. The New Zealand dollar rose to 0.6309.
In Japan, the Nikkei 225 gained 119.40 points or 0.45 percent to 26,547.20.
China's Shanghai Composite lost 10.54 points or 0.34 percent to 3,073.75.
In New Zealand, the S&P/NZX 50 edged up 10.52 points or 0.09 percent to 11,157.66.
The Australian All Ordinaries rose 18.50 points or 0.25 percent to 7,326.20.
In South Korea, the Kospi Composite fell 7.66 points or 0.29 percent to 2,596.58.
The Hang Seng in Hong Kong added 51.44 points or 0.26 percent to 19,950.21.
Get a daily dose of North Korea Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.
More InformationMOSCOW, Russia: The UK newspaper, the Telegraph, has been blocked in Russia, following a request from the Russian prosecutor-general.The TASS ...
LAHORE, Pakistan - An Airbus 320 carrying 171 passengers narrowly avoided an accident at Allama Iqbal International Airport, Pakistan's second-largest ...
WASHINGTON, DC - U.S. President Joe Biden on Friday vowed to "do all in my power" to protect a woman's ...
YANGON, Myanmar - According to military-run media, a junta delegation discussed nuclear technology collaboration with a Russian state-owned atomic energy ...
DHAKA, Bangladesh - The United States Agency for International Development (USAID) is providing more than Tk2.3 crore in emergency funding ...
PHNOM PENH, Cambodia: Cambodian villagers on the Mekong River have caught a stingray fish weighing 661 pounds, which is the ...
NEW YORK, New York - Wall Street struggled to find its footing on Wednesday after Fed chief Jerome Powell vowed ...
WASHINGTON D.C.: Due to persistent shortages of agricultural chemicals that threaten yields, U.S. farmers have cut back on using common ...
WASHINGTON D.C.: Raytheon Technologies and Northrop Grumman have won U.S. contracts to develop missiles to intercept hypersonic weapons.The decision means ...
NEW YORK, New York - Stocks in Asia fell sharply on Wednesday following large falls on Wall Street blamed on ...
NEW DELHI, India: Reserve Bank of India (RBI) deputy governor Michael Patra says India's retail inflation is likely to breach ...
WASHINGTON D.C.: Despite weather and staffing issues resulting in travel disruptions, last week the U.S. Transportation Security Administration (TSA) screened ...