Wed, 08 Dec 2021

U.S. stock markets do about turn at close as sellers gather

Conor Trindle
23 Nov 2021, 07:15 GMT+10

NEW YORK, New York - Stocks in the United States rallied for most of the day and then did a swan dive in the last half hour.

"The market is nervous. We know we have Powell, but that doesn't help with the inflation issue," Dennis Dick, a trader at Bright Trading LLC told Reuters Monday. "Under the hood, growth tech got hit all day, and then all of tech got hit at the end."

The Dow Jones which had been up more than 200 points earlier finished the day ahead just 17.27 points, or 0.05 percent, at 35,619.25.

The Nasdaq Composite took the bulk of the heat, tumbling 202.68 points or 1.26 percent to close Monday at 15,854.76.

The Standard and Poor's 500 slipped 15.01 points or 0.32 percent to 4,682.55.

The U.S. dollar jumped on U.S. President Joe Biden's announcement that he would nominate Jerome Powell to remain as head of the Federal Reserve. "It appears markets are reacting positively to the continuity signal. Continuity will be key during this potentially tricky phase of the recovery where inflation is elevated and sticky, demand growth is strong but cooling and capital and labor supply is gradually rebounding," Greg Daco, chief U.S. economist at Oxford Economics told CNBC Monday.

The euro dived to 1.1237 approaching the New York close Monday. The British pound slumped to 1.3398. The Japanese yen was unwanted, sliding to 114.88. The Swiss franc dropped to 0.9329.

The Canadian dollar was sharply lower at 1.2695. The Australian dollar slid to 0.7227. The New Zealand dollar dropped to 0.6957.

Overseas, the Dax in Germany gave up 0.27 percent. The CAC 40 in Paris eased 0.10 percent, while in London the FTSE 100 gained 0.44 percent.

On Asian markets, the Australian All Ordinaries was sold off with the key index losing 41.60 points or 0.54 percent to 7,688.30.

In Japan, the Nikkei 225 rose 28.24 points or 0.09 percent to 29,774.11.

The Hang Seng in Hong Kong declined 98.63 points or 0.39 percent to close Monday at 24,951.34.

China's Shanghai Composite edged up 21.71 points or 0.61 percent to 3,582.08.

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